Mortgage rates have been remarkably low for some time now, but many “experts” thought they would be higher by now. I am not going to go too far into the subject of what drives rates because that is a whole different topic, but in general the economy drives rates. If the economy is really good and the stock market is soaring, mortgage rates typically would go higher. The current state of the economy is unique and has many experts confused about where rates are headed.
The stock market is doing well, but most of us have personally felt the impact of a soft job market. Even if you have a good stable job you probably know someone that can’t find work or has had their hours cut. Money is tight for many people right now, but there are still people out spending money too. Every week there seems to be mixed news about this economy. I think the uncertainty has helped rates.
If you would like to see a simple history of what rates have been doing over the past few months or even years you can visit http://mortgage-x.com/general/rate_trend.asp. This site shows current rate trends as well as historical charts of all types of mortgage programs.
Right now Charlotte mortgage rates are low. Most lenders are offering below 4.75% on 30 year fixed rate loans. Rates change daily so you never know how long this might last but for now rates are fantastic!