Charleston mortgage report Sept 2, 2009
Wow, first of all, I can't believe it's September and it's actually a little cool this morning. But you didn't come here for the weather report, you're interested in mortgage rates. And the good news is that 30 year fixed rates continue to hover in the very low 5% range. While the basis for mortgage rates is mortgage backed securities, the 10 year Treasury rates are a very good proxy and you'll notice from the chart that they are back around their lows for the past 3 months.
There is a lot of interest by buyers in purchasing distressed properties and many buyers want to use FHA loans because of the lower 3.5% down payment requirement. But some lender owned properties are not in good enough condition to qualify for an FHA loan because of the stricter appraisals by FHA. There are however FHA 203k loans which are designed for rehabbing and here is a link to HUD's website for more information.
And one more little bit of Charleston mortgage news, my preferred lender from Bank of America has just left BofA and is now working at a new firm. I'll have some new contact information very soon. If you want to work with a lender who is both knowledgeable and responsive, just let me know and I'll put you in touch.