Mortgage rates in Detroit reach five-month low

Mortgage rates in Detroit have fallen to a five-month low, now at 6.67% for a 30-year mortgage. This decline has sparked interest in homeownership as a more affordable option compared to renting. Research shows that owning a home in Detroit over 30 years costs about $435,528, while renting totals $860,924. The average monthly mortgage payment is $432, significantly lower than the average rent of $1,461. Nationally, homeowners spend an average of $1.8 million over 30 years, while renters pay $1.42 million. In 43% of major U.S. cities, renting is cheaper than buying, but Detroit remains a strong market for homeownership.