MASON, Mich — Interest rates are starting to dip across local neighborhoods, and recent homeowners say these drops contributed to their decision to finally purchase.
- Interest rates are dropping locally - Recent homeowners report securing mortgages around 6%, down from 7% rates seen earlier this year.
- First-time buyers benefiting - Krista Burton and her husband were able to purchase their first home thanks to the lower rates, though they're still higher than the 4-5% they hoped for.
- Future outlook uncertain - Local realtor Amy Kruzinga says rates may stay steady for now, with potential decreases next year, while Freddie Mac reports 30-year fixed rates at 6.19%
Krista Burton just moved into her first home with her husband and cat, Venus. The journey to homeownership was a long one for the couple, which included finding something in their price range, keeping up with inventory and finding a decent interest rate.
WATCH HERE: First-time home buyers benefit as mortgage rates drop
"When we first started looking in 2024, that's when well they're still going fast, but they were going faster, and the bidding wars were even crazier," Burton said.
Burton said they were able to finance their home with an interest rate around 6%, which was lower than when they originally started looking for a house.
"We would have liked somewhere around 4 or 5, but that is just not a reality," Burton said.
"Earlier they were around 7, so it has decreased, which is good and helps the market and buyers to afford a little bit more of a house," Burton said.
Amy Kruzinga with Vision Real Estate said the market fluctuates so much that it's tough to know what it will look like in the future.
"I think what they're predicting right now is that they're going to stay where they're at for a little bit. Maybe next year they will start trickling down a little bit, hopefully," Kruzinga said.
As of Thursday, Freddie Mac data shows the average 30-year fixed mortgage rate dropped to 6.19%, down from 6.27% last week.
When it comes to refinancing, Kruzinga said she doesn't think many people are doing it yet, but neighbors should make sure they have enough equity in their loan value before refinancing.
"If interest rates keep decreasing, then they probably will, but right now it is just staying steady," Kruzinga said.
Burton said she hopes to refinance in the future if interest rates continue to drop.
"Yes, refinancing is definitely in our future," Burton said.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
Want more FOX 47 News? Here's how you download our Roku app
You can also see the latest news from across our mid-Michigan neighborhoods by liking us on Facebook or following us on X.
