Charleston mortgage report: Today's mortgage rates set record lows
The combination of lots of negative news in August regarding both the US Economy and the global slowdown and concerns about the sovereign debt problems in Europe has served to bring mortgage rates down to record lows.
So whether you are interested in buying a home in Charleston or thinking about refinancing (if you would like to or can due to whether your home will or won't appraise), today's mortgage rates are ridiculously attractive.
Combine that with plenty of homes available for sale in Charleston to choose from and lots of motivated sellers, if you have a secure job and a down payment, affordability has never been better in recent years.
Charleston luxury home buyers should also take note that rates for Jumbo loans (over $417,000) have finally broken the 5 percent level.
One of my preferred lenders is quoting the following rates:
FHA & VA 30 year fixed @ 4.00%
FHA 5/1 ARM @ 3.375%
Conventional 30 year fixed @ 4.125%
Conventional 15 year fixed @ 3.75%
Conventional 5/1 ARM @ 3.25%
Jumbo 30 year @ 4.875%
Jumbo 15 year @ 4.125%
Jumbo 5/1 year @ 3.75%
But I've also seen reliable quotes for a 30 year conventional at 4.00 percent and a 15 year conventional at 3.50 percent so as always, it pays to shop around for the best rates and terms.