Charleston mortgage report, with record low rates, the trend is your friend
Bad news is good news for mortgage rates. Courtesy of Bankrate, here is a one year chart of the 30 year fixed rate conventional mortgage and as you can clearly see, the trend has been your friend in the last year whether you are buying or refinancing a home in Charleston.
With the sovereign debt crisis in Europe driving investors into the safety of US Treasury Bonds and the Fed continuing to keep rates low in order to spark the economy and the housing market, mortgage rates are solidly sitting at just under 4 percent.
How much lower can rates go is anybody's guess but if you are planning to either buy a home or refinance, it's probably not a good idea to get greedy with rates at this low level.
And by the way, I like Bankrate and there is a wealth of information on their site. But a word of caution, there are a lot of mortgage ads there and I don't blame Bankrate for making money by selling ads, After all, if they can't sell ads, well, they couldn't keep publishing.
But as I've cautioned on several occasions, if something looks too good to be true, you know what they say about that so when you run across a rate that is so much lower than normal, be careful. And the best advice that I can give you would be to use a local Charleston lender. I can give you the names of several very reliable and ethical Charleston mortgage lenders.