rates have tumbled back into record territory according to CNN Money.
Â Borrowers seeking 15 year mortgages, a popular choice with those looking
to refinance, were rewarded with an average interest rate of just 3.11% last
week, more than one percentage point lower than a year earlier. Â In 2006
when the market was booming, rates for a 15 year fixed loan averaged 6.07%!!!!
Â Monthly payments at that rate for a $200,000 mortgage came to $1,695, an
extra $303 compared with payments based on this week's 15-year rate.
Â Over the life of the 6.07% loan, the total interest
paid would amount to $105,000, more than twice as much as current borrowers
Â The rate on a 30
year fixed mortgage also fell to 3.88%, just short of it's own record of 3.87%
set back in February.
Â Frank Nothaft, Freddie Mac's
chief economist saysÂ "Although the unemployment rate fell to the
lowest reading since January 2009, the overall economy added just 120,000 new
jobs in March nearly half that of the market consensus forecast.
[rates] to continue to decline, we will need more signs that the economy is
cooling and signals that the Federal Reserve will be taking new steps to
support it," according to Keith Gumbinger of HSH.com, a mortgage
information company.. "That seems unlikely."
Â Those holding out for rates to fall even further, shouldn't
wait any longer! Â Inventory is high and prices are more affordable than
ever. Â It's a great time to buy or sell real estate. Â Rental homes
are hitting the market and renting the same day.. with multiple offers.
Â Talk about a great time to invest in real estate!
Â Whether youâ€™re buying or
selling a home in Charlotte NC, Mark Watson and his Keller Williams team has
the experience you'll need to have a smooth and successful transaction.
Charlotte is a thriving, diverse city and Mark works with people from across
the country and around the world. If youâ€™re looking for lake property or water
front communities in Charlotte, youâ€™ll find Lake Norman in north Charlotte or
Lake Wylie in south-west Charlotte. If you prefer older, close-in neighborhoods
with mature tree-lined streets and craftsman style design, youâ€™ll surely love
homes in Dilworth, Plaza Midwood, Elizabeth and Chantilly. For those in search
of lofts and warehouse type dwellings with modern design, Uptown Charlotte and
Southend is where youâ€™ll be drawn. South Charlotte real estate offers buyers
larger, newer homes in areas like South Park and Ballantyne. Give Mark a call!
The Charlotte NC real estate market is robust and having a strong, professional
real estate agent to guide you through buying or selling a home makes all of
the difference in the world.
Broker/ Realtor/ Pilot
Keller WilliamsÂ Ballantyne