LANSING, Mich. — Mortgage interest rates have fallen to their lowest point since 2023, with local realtors reporting increased activity from potential homebuyers across Mid-Michigan as rates hover in the 5% to 6% range.
- Rates hit 2023 lows: Mortgage rates dropped to 5-6% range, down from 6% in October.
- Trump administration has plans to lower rates.
- Buyer activity surges: Local realtors report increased calls from ready homebuyers.
"We just experienced the biggest decrease since 2023," said Amy Kruizenga, a local realtor who has been closely monitoring the market changes.
WATCH BELOW: Interest rates drop to lowest levels since 2023
The rates represent a significant drop from October, when they were sitting in the 6% range for 30-year fixed mortgages.
"We are starting to see them hover around the 5 range, upper 5 six range," Kruizenga said. "That's for a 30-year fixed which is fantastic!"
Kruizenga attributes the recent decline to President Trump's announcement that he is directing representatives to purchase $200 billion in mortgage bonds.
"That definitely kick started a reduction of interest rates pretty quickly," Kruizenga said.
The policy change has already generated renewed interest from homebuyers in local neighborhoods.
"We're starting to get a lot of calls saying hey we're watching the market and we're ready to go," Kruizenga said.
Federal Housing Director Bill Pulte recently highlighted the rate drops and indicated the administration plans additional measures to reduce housing costs.
"We are looking at everything and anything that can bring down the cost of homes. That includes portable mortgages," Pulte said. "I'll tell you the president has a list of things we're looking at doing and he'll decide whether we'll do that."
For homeowners considering refinancing, Kruizenga recommends a cautious approach while monitoring potential future decreases.
"I would hold tight and watch and see what happens," Kruizenga said. "A lot of people are sitting in that sweet zone of three to four. It's going to take a while to see that if we ever do."
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.
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