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Mortgage rates plunge to lowest level in over a year The average rate on a 30-year mortgage fell this week to its lowest level in more than a year, a welcome affordability boost for prospective home shoppers and homeowners looking to refinance their home loan to a lower rate. The rate fell to 6.47% from…

GM’s new Detroit HQ is taking shape — but don’t overlook revamped Warren Tech Center TRAVERSE CITY — General Motors Co. President Mark Reuss reaffirmed the automaker’s commitment to Detroit on Wednesday, hyping up its anticipated new headquarters even as the company pumps billions of dollars into its Warren campus. GM, which is leaving the Renaissance…

Joe Louis Arena garage gets a new owner in $30M deal following forfeiture The former Joe Louis Arena parking garage traded hands in late May for $30 million after its previous owner defaulted on a land contract. The Detroit Regional Convention Facility Authority, which runs the Huntington Place convention center, bought the roughly 3,000-space deck…

Mortgage companies get big boost as owners tap into surging home equity The significant inflation throughout the U.S. economy of the last several years has undoubtedly brought harm to American consumers. But it’s also resulted in massive appreciation for home values. That second factor, given that interest rates have more than doubled since the summer…