Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 148.260.8466
Wyandotte, Mich.—September 5, 2025— Seeking to boost new mortgage activity with interest rates that haven’t been seen in years, Michigan Legacy Credit Union (MLCU), with branches in Wayne, Oakland and Macomb counties, is pleased to announce a 4.99% interest rate for new 30-year, fixed mortgages. The announcement was made by MLCU President and CEO Carma Peters.
“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,” Peters said.
The 4.99% interest rate availability is subject to credit approval and is designed for new, fixed 30-year home mortgages and not adjustable-rate mortgages or home equity loans. Michigan Legacy reserves the right to terminate the offer at any time while still honoring the interest rate for those who have closed loans at 4.99%.
The announcement comes as Zillow reported this week that the average national interest rate for a 30-year fixed mortgage is 6.58%.
“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 $211.00 per month/$2,532.00 per year. The rate drop has a significant impact on home affordability for our members to act on now,” Peters said.
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.
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