Rates for a standard 30 year fixed rate mortgage have risen from 2.84% at the beginning of March to 3.09%.  This is the highest level that the mortgage rate has hit since June of 2020. There is no reason for borrowers to panic. This rate increase is common in the mortgage business and represents a monetary change of only a few cents per thousand in the monthly payment.

The Federal Reserve indicated that it won’t raise interest rates until 2023 at the earliest, even though some observers have voiced concerns about rising inflation.  As of now, seven of the 18 Fed officials expect a rate hike to come in 2023, while four think one could happen next year.

INVENTORY REMAINS AT HISTORIC LOW
Housing Inventory  – March 28, 2021
– 351 homes available for sale in the five county greater Lansing area.
– 322 homes have accepted offers, awaiting inspections .
– 487 home are listed as Pending,  meaning they have passed inspection are waiting
on a  closing date.
– 7,093 homes have closed in past 12 months