Mill Creek is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Mill Creek are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Mill Creek are some of the lowest nationally. Mill Creek apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Mill Creek.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Mill Creek are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.71% - 5.46% |
| 7 Year Fixed | 5.10% - 5.34% |
| 10 Year Fixed | 5.09% - 5.33% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Mill Creek.
The city of Mill Creek in Snohomish County has a population of 20,897. The median rent in Snohomish County for a 2 bedroom is $2,076. The median Mill Creek resident is 38 years old with a yearly income of $48,941. The average family has 2.92 members and a median household income of $103,750. Mill Creek has a 52% higher education rate. The unemployment rate in Mill Creek is 3.2%.
39.8% of Mill Creek households are renters.
28.5% median household income spent on rent.
Bedrooms |
Snohomish County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $1,659 | $801 | $737 |
| 1 bedroom | $1,741 | $904 | $813 |
| 2 bedroom | $2,076 | $1,138 | $1,015 |
| 3 bedroom | $2,903 | $1,591 | $1,325 |
| 4 bedroom | $3,421 | $1,874 | $1,521 |
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