WYANDOTTE, Mich.– While mortgage rates have been slowly declining, few are lower than the 4.99% rate on a 30-year fixed-rate mortgage offered by Michigan Legacy Credit Union.
The $219-million MLCU has allocated $25 million for the loans.
“Credit unions are nonprofit and member-focused, and we consider this a member give-back. We didn’t want to wait any longer to present a new interest rate program that helps our members get on the path of home ownership now,” CEO Carma Peters said in a statement.
Michigan Legacy noted it reserves the right to end the offer at any time while honoring the 4.99% rate for closed loans.
$200 Per Month in Savings
“The monthly mortgage payment on a $300,000 house with a 30-year mortgage is $1,287 at 4.99% and $1,498 at 6.375% – saving borrowers $211 per month/$2,532 per year,” Peters said. “The rate drop has a significant impact on home affordability for our members to act on now.”
