18th Oct, 2010

Charlotte NC Home Loan Update: 30-Year Mortgages Fall To 4.19%

Charlotte NC Home Loan Update: 30-Year Mortgages Fall To 4.19%

It’s been sixty years in the making, but average Charlotte NC home mortgage rates on 30-year fixed-rate mortgages have gone to a new low.  Harry S. Truman was President when Charlotte NC home mortgages were last this low.  According to Freddie Mac’s weekly rate report, rates which were at 4.27% last week are now at an average 4.19%.  These are the lowest numbers since 1951. That, according to Federal Housing Administration data which dates back to 1948.

The fixed-rate average for a 15-year mortgage is also at a record low of 3.62 percent this week. For the 30-year mortgage, this is 23 consecutive weeks below the 5 percent level.

Charlotte NC Home Mortgage RatesThose low rates have prompted a new wave of refinancing in Charlotte NC. Conventional mortgage applications had their strongest increase since April 2009;  jumping 24% last week, based on data from the Mortgage Bankers Association.

Last Thursday, North Carolina’s residential foreclosures were up 34 percent from last year’s third quarter and were up 9.3 percent from this year’s (2010) second quarter. The state shows that around 13,180 homes were in a stage of the foreclosure process in the third quarter of the year. According to RealtyTrac, Inc., that is one in every 329 homes. The North Carolina filings rank the state as 32nd in the nation for foreclosures.

Across the nation – scheduled auctions and bank repossessions along with default notices – were reported to have impacted 930,437 properties in the third quarter of 2010. Although that is a 1 percent decline from 2009’s third quarter, it is a 4 percent increase from the previous quarter of this year. One out of every 139 housing units in the U.S. were given a foreclosure filing in this latest quarter.

Looking for a Charlotte NC Home to take advantage of the GREAT mortgage rates?  Give us a call!  :-)

Wendy Richards
Charlotte NC REALTOR®
704-604-6115
wendy@NCCharlotteHomes.com

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