Charleston mortgage report, buy or refinance with record low mortgage rates
With 10 year US Treasuries sitting at a ridiculous 2.0 percent (and the usual disclaimer, mortgage rates are based on the prices of mortgage backed securities but Treasuries are a proxy), mortgage rates continue to set record lows according to Bankrate's weekly survey of large lenders.
Some interesting takeaways regarding refinancing your mortgage from the Bankrate article.
Many homeowners who are refinancing are opting for a 15 year mortgage to pay off their loan in half the time.
There is continuing speculation the Obama administration will unveil a government backed refinance plan to help homeowners refinance at lower rates who haven't been able to do so due to lower appraisals not supporting a new loan. The President mentioned this in his jobs proposal speech Thursday evening.
Thinking about buying?
For those of you interested in buying a home in Charleston this fall and early winter, prices generally tend to decline slightly due to seasonal factors now that the spring / summer selling season is over. I've noticed a significant increase in price reductions lately when browsing the daily "hot sheet" published by the Charleston MLS from sellers whose home didn't get an offer over the past 4 to 6 months.
Take your pick. Combine that with low mortgage rates and you can either get a little more home for the money or a lower monthly payment.