- A Mason resident breaks down what the interest rate was when she first bought her home.
- A Realtor in Mason shares what he is currently seeing.
- Video shows the housing market throughout the years.
(The following is a transcription of the full broadcast story)
According to realtors in my neighborhood, interest rates have been going down over the last two weeks in Ingham County and nationally.
"Compared to last year, we are in a lot better of a spot for buyers," said Mason Realtor Andrew Hamilton.
Hamilton said he's seen many changes in the housing market throughout his career.
"Constantly changing, nothing is the same — every day changes," he said.
According to Bankrate, rates for a 30-year fixed, 15-year fixed, and jumbo mortgages declined over the last two weeks, while rates for adjustable-rate mortgages increased.
"It's still a sellers' market because inventory is low, but I think it has most definitely swung more toward the buyers' side," Hamilton said.
Bankrate reports that at the current average rate of 6.78%, buyers will pay $650.59 in principal and interest for every $100,000 borrowed.
"Your lower-cost homes are going to go first," Hamilton said. "The higher-cost houses sit a lot longer because of the taxes."
Amy Kruzinga said that when she bought her home in 2021, interest rates were significantly different.
"When I purchased my house, the interest rates were about four and a half," she said.
Kruzinga said she most likely would have gone a different direction if today's interest rates had applied then.
"Add the added expense of a high interest rate, high taxes, insurance, everything — the cost of the payment would have gone up quite drastically," she said.
As for Hamilton's outlook on the future of the housing market, he said it will depend largely on the stock market.
"I don't really think you can predict what's going to happen," Hamilton said. "I think it will constantly change as the market changes."
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