Encouraging mortgage rate news was report by Bankrate.com’s recent weekly national survey:
Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30- year fixed mortgage rate returning to 4.42 percent. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.
The last time mortgage rates were above 6 percent was November 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.
The Coastal Carolina Team can refer you to trusted local lenders that can further help you understand the benefits of purchasing a home now. Contact Rob or Paul today at 910-262-1002 and let us help assist you with real estate in the Wilmington, NC area.