Fast Facts About Modular Homes:

  • The building blocks of modular homes - individual modules - are housing components constructed in a controlled factory environment.
  • Individual modules are up to 90% complete and shipped from the factory to the home site.  All walls, flooring, ceilings, stairs, carpeting, and even wall finish are completed in the factory before shipment.
  • Once all building materials arrive at the factory, some manufacturers can assemble modules in a single day. Typically, a two-story, 2,500 sq. ft. home can be constructed in a factory in under a week.
  • Aside from any cost savings, modular homebuyers benefit from the short assembly time of their home – reducing any amount of weather damage or home site vandalism. Over the life of the home, modular homes save money because they are incredibly efficient. 
  • In 2004, 42,700 modular homes were constructed in the United States
  • From 1992-2002, modular housing production increased 48%
  • One of every ten homes built in the northeast is a modular home.  That region accounted for 29% of the nation’s modular activity in 2001. The South Atlantic region was a close second with 26%, and the Great Lakes region third, accounting for 24%.
  • The most popular states for modular construction are North Carolina, Michigan, and New York.

Product

Rate

+/-

Last week

30 yr fixed

 

5.16%

 

5.20%

15 yr fixed

 

4.42%

 

4.48%

5/1 ARM

 

3.90%

 

4.00%