Low Interest Rates Create Great Home Buying Opportunities

A strong economy, great job market, and affordable housing prices have made Grand Rapids into one of the hottest housing markets in the country today. Now, with interest rates dropping again this quarter, it’s an even better time to buy a new Eastbrook Home.

We talked with Tim Egan, one of our Preferred Lending Partners, to get some of the current info on interest rates and why a little change in rates can make a big difference.

Check out Tim’s answers below.

EBH: What are the current interest rates?

TE: Currently, interest rates are at 3.875% for a 30-year mortgage and 3.375% for a 15 year. Of course, that changes often so ask for details when you’re ready to buy.

EBH: What do low interest rates mean for me as a potential home buyer?

TE: Great rates mean greater affordability or more home for your housing budget

EBH: Why is now the best time buy?

TE: Cost for lot and construction will never be less than today

EBH: How does this get me more home for the money?

TE: Here is an example of affordability. For a loan in the amount of $350,000 with a 30 year fixed 3.875% interest rate (as of 10/24/2019, your monthly payment would be $1645 with principal and interest.

With a 30 year fixed rate of 5.0% (as of 11/1/2018), your monthly payment would be $1878 with principal and interest.

Conversely, that’s a $1645 monthly payment on a $350,000 loan vs a $1647 monthly payment on a $400,000 loan.

That’s $50,000 more buying power today than a year ago! That a lot of Home Creation Studio upgrades. Hope this helps!

Thanks Tim, for the great information on how small changes in the interest rate can have a big effect on our home buyer’s buying power. It really does sound like this is the best time to purchase a new home.

If you would like more information from Tim or any of our Preferred Lending Partners, please click here to visit our Financing page.

Whether you’re ready to build your perfect home or you are looking for a move-in ready home right now, there have been very few better opportunities to buy a new home.

Here are just a few of the great, move-in ready homes we have in Eastbrook Communities throughout West Michigan, Greater Lansing, and Alabama.

7690 Sofia Dr SW #49 Byron Center, MI 49315

This maintenance-free living condo features the open and spacious Channing floorplan in the beautiful community of Carlisle Crossings in Byron Center, Michigan. This floorplan includes an open concept kitchen and huge pantry which makes it perfect for cooking and entertaining. Schedule a showing today.

2829 Ballybunion Way #21 Okemos, MI 48864

This beautiful Villa-style, stand-alone ranch site condo sits on the 1st Fairway of the College Fields Golf Course in Okemos, Michigan. With 4 bedrooms, in-home office, and finished lower level with a fireplace, this beautiful home has beautiful views of the golf course and is walking distance from the clubhouse. Come take a look!

2104 Teale Lane, Auburn, AL 36879

This beautiful Benton floorplan home is situated in The Village, a new phase at The Preserve of Auburn. The Village offers Lakefront Lots, Zero-entry Homes, and new, fully Customizable home plans. This wonderful new single-family home offers Open-Concept Living at its best with beautiful finishes throughout home and special designer touches. Come see this beautiful home today!

If you are ready to buy, please contact the Eastbrook Team or fill out the contact form below and let us help you find your dream home.

No matter what you choose, we’ll make sure you get more home for your money!

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