Wednesday, October 15, 2008

Ann Arbor MI Mortgage Update

Ann Arbor Michigan Mortgage Rates holding steady in spite of financial roller coaster ride

After taking a turn for the worst this week, mortgage rates have stabilized and are expected to decrease in the weeks to come. News of the governments’ $700 billion bailout plan, and the uncertainty concerning the result, has caused a lot of market fluctuation as investors wait anxiously for more details.

The government has announced many new plans to stabilize the economy which have investors optimistic. Fannie Mae has also announced a few new guidelines pertaining to credit scores and has also made fewer programs available.

There are no new guidelines restricting first time home buyers and 100% financing is still an option if you meet the qualification requirements.

Although we saw interest rates head back up slightly this week, they are still sitting lower than previous quarters floating in the area of 6.125% with a $200,000 loan amount and 5% down. Many Washtenaw County home buyers are taking advantage of these rates while they still exist, it’s always a great time to buy Ann Arbor real estate, but now may be the best!

If you are thinking of buying a home, contact the buyer agents at Piperpartners.com to

Courtesy Rick Richter, Gold Star Financial

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