Interest Rates Contributing To Increase In Home Sales - Northern Michigan's News Leader

Interest Rates Contributing To Increase In Home Sales

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Home sales are starting to pick up across northern Michigan.

Experts say low interest rates are the main reason for the increase.

According to Northwestern Bank of Cadillac, a 15-year mortgage is sitting at 2.75 percent and the 30-year is at 3.5 percent, which make owning a home more affordable.

The low interest rates are allowing people to get more house for their money and urging potential buyers to get out and see what is available.

Affordable house prices and the state economy picking up are also contributing to people getting out to buy.

With the rates so low, experts expect them to rise sooner than later.

Statewide the average selling price for a home is up over 20 percent this year.