Rates dropped below 4%
It's a historic day for the real estate market, for the first time ever mortgage rates dropped below 4%.
Thursday the average rate for a 30-year fixed mortgage dropped to 3.94%, last year at this time it was at 4.37%. Dan Baldwin the vice president of mortgages at Traverse City State Bank says they've seen a surge of business.
Dan Baldwin says, "The news has spread quickly and we're staying late but we're taking good care of our clients."
Caldwin Banker in Traverse City says if you do qualify now is an extraordinary time to buy a home or refinance.
Ken Kleinrichert, sales manager at Coldwell Banker says,"If the going rate is .75% to 1% below where you're at, and you are planning to stay in your home for a while, 3 to 5 years, for sure look at refinancing."
While the rates are great for some, others don't have enough cash or good enough credit to get a loan.
