Housing Market - Jon Becker Realtor Traverse City

Housing Market, Mortgage Interest Rates, Traverse City Real Estate

New state program offers reduced interest rates to first-time home buyers

State officials on Tuesday announced a new assistance program for first-time home buyers in Michigan. The Rate Relief Mortgage program, offered through the Michigan State Housing Development Authority (MSHDA), will provide first-time buyers loans at one percent below the market rate. Currently, that would make the interest rate on a 30-year mortgage though a MSHDA-approved […]
Housing Market, Traverse City Real Estate

Buyer Representation changes by Law

Effective August 17, 2024, which is only a few days away, the Real Estate industry is going to experience a couple MAJOR changes. One change effects REALTORS, the other effects the PUBLIC. These changes are REQUIRED and set forth by the National Association of Realtors and as a member, all REALTORS are required to follow […]
Housing Market, Mortgage Interest Rates, Traverse City Real Estate

The Resilience of the Home Market: No Market Crash in Sight

I am writing to share some insights and data that should alleviate any concerns you might have about a potential home market crash. The current conditions in the housing market indicate a strong and stable outlook, and here’s why: Strong Equity Position: A significant proportion of homeowners (over 39%) have no mortgage on their properties, […]
Housing Market, Mortgage Interest Rates, Traverse City Real Estate

Mortgage Rates Are Steadily Edging Downward

May 11, 2023Mortgage FinancingBy: Melissa Dittmann Tracey “A recent sideways trend in mortgage rates is a welcome departure from the record increases of last year,” says Freddie Mac’s chief economist. The average for the 30-year fixed-rate mortgage fell slightly to 6.35% this week, Freddie Mac reported Thursday, helping buyers save more on borrowing costs. “This […]

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