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Raleigh Mortgage Blog- Jim Enright

Pay Less and Save More

By Jim Enright | Mortgage Broker
or Lender in Chapel Hill, NC

June 3, 2013 Mortgage Rate Comparison to May 22, 2013 Rates

Since my last mortgage update, Triangle NC mortgage rates and pricing has continued upward. Maybe mortgage heaven is over now, as we’ve known it the last two years.

As a comparison to my May 22, 2013 post, a fixed 30 year mortgage rate for a 60 day lock with a 740 minimum credit score, with escrows for taxes and insurance –

-3.5%  @ 98.00 = 3.5% +2+1 (3.757 APR) — this is paying two discount points plus 1% origination fee. On a $300,000.00, this is $9,000.00 in closing costs.
I don’t recommend you do that…unless someone else is paying those costs.
                                                                                         Is mortgage rate heaven over? Call Jim Enright to find out.                                               

Is mortgage rate heaven over?

June 3, 2013 new normal mortgage rates are closer to:

-3.875% (3.968 APR) with origination fee.
-4.00%  (4.093 APR) without origination fee.
-4.125%  (4.139%) with no closing costs for loans $200,000.00 and up.

Of course these mortgage rates change daily and this post is an illustration of how quickly rates can change.

With today’s volatility, fast lock decisions are required.

This mortgage rate increase make my April 25, 2013 post even more of a consideration:
http://www.mortgagechoice.com/todays-30-year-fixed-mortgage-rates-or-adjustable-rate-mortgage.html

Of course, Adjustable Rate Mortgages have gone up. These are worth asking about. Be sure to read my full post first though.

Do you need a NC Mortgage Payment Calculator that includes taxes, insurance, and private mortgage insurance? You are in luck!

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