Mortgage rates have been on a pretty good run this year, to say the least! Many people have taken advantage of these low rates to move up to their dream home or refinance their existing mortgages. If you haven’t made any moves this year, don’t worry… Charlotte mortgage rates are still VERY low!
Mortgage rates are driven up or down by the overall economy. Typically when the economy is bad, especially unemployment, rates tend to drop. This past week disappointing unemployment were released and the Federal Reserve issued a statement that they were buying more bonds. These two pieces of news have pushed rates lower again, so while many experts thought rates were headed higher, we get another chance at what could be “once in a lifetime” mortgage rates.
Rates do not always move exactly the same on every mortgage product. There can be difference in how fixed rates move in response to the economy vs how ARM rates respond. FHA rates and conventional rates are not always the same for 30 year fixed loans, so you need to get a lender to look at your sepcific needs and quote a rate for you based on the programs that will fit you best.
Right now FHA and VA rates are especially low, and both of these loans offer some form of streamline refinance option. If you currently have an FHA or VA mortgage, give me a call and let’s see if a refinance might benefit you.
Conventional loans offer the HARP options that allow some people that do not have the equity that is generally required, to refinance their conventional mortgages. This is for loans currently owned by Fannie Mae. IMPORTANT NOTE – you might be making your payments to a normal bank or mortgage company and your loan can still be owned by Fannie Mae. CLICK HERE for a website offered by Fannie Mae to determine if your current loan is eligible for a HARP refinance.
As always, I would love to help with any questions you may have regarding mortgage rates or programs. Please give me a call at 980-721-7478.