Michigan Mortgage Rates

By
Real Estate Agent with The Michigan Group

I just looked at rates for the day and they are brutal. Yes!!! You read that correctly. I'll say it again for those of you who don't believe me.

"Michigan Mortgage Rates are BRUTAL today!!!"

To receive your BRUTAL Michigan Mortgage Rate Quote just fill out the form, and we can tell you how bad your rates will be today! I hope you have a nice day.

How is it the market is so bad right now, but the banks are still raising rates.

This doesn't have to do with mortgage rates, but make sure you check your credit card mail, because they are now raising the highest rates to 30%. Yes, you read that right to. I got a notice from Discover stating if you are a day late on any payments they will be raising your rate to 30%. WOW!!! I guess I won't be using that card anymore just in case.

Howell Real Estate Information

Comments (2)

Sherry Connor
Myers Park Mortgage - Charlotte, NC

Unfortunately, the mortgage rates follow the Bond Yield.  As bonds trade heavy the yield will drop and thereby give us lower interest rates.  Today, A major bond insurer Ambac is having all kinds issues and restructuring their management and that has caused the bonds to sell off causing the the yield to push up and therefore our rates have pushed up. 

I write a blog everyday called Mortgage market update - I post it to the Realtors group...It would keep you up to date with what is going on.

Hopes this helps you and good luck!

 

Mar 05, 2008 06:27 AM
Rick Marnon
The Michigan Group - Brighton, MI
Howell Real Estate Agent
The correlation between bonds and mortgage rates is humorous. It is amazing that when bonds go up how rates drop, but when bonds drop that means that rates are going to increase. This happens to be the case today. Yesterday we were 5.875% to 6% depending on what kind of loan program you were looking for. Thanks for the post.
Mar 05, 2008 06:34 AM