Yesterday was a not so good day for mortgage rates. It was the single worst day in almost two years according to Mortgage News Daily. The spike was caused by yesterday’s economic data that investors seen as a good sign of increasing economic growth. Do not be surprised to see mortgage rates in the high 4’s to low 5’s. As always, be sure to get a detailed cost breakdown showing your rate and all of the fees associated with originating your mortgage. Trying to shop by APR is almost pointless, which is why I always provide my clients with a cost breakdown to help them make an educated decision when they are looking to get pre-approved for a mortgage.
Even though rates are increasing, they are still at historic lows and you can still deduct mortgage interest. If you are looking to purchase a new Michigan home and want to see what your options are, simply click here to submit your pre-qualification information to receive your cost breakdown. No cost, no obligation, just free information to help you make a decision if purchasing a home is the right choice for you.
Mortgage Loan Officer
NMLS ID 131478