Mortgage Rates Drop to Record Lows!! A Great time to buy Myrtle Beach or Pawleys Island Real Estate !!
Mortgage rates drop to record lows
Average mortgage rates on 30-year fixed mortgages fell 10 basis points
to 4.91 percent during the last week in March, according to a report on
Bankrate.com. A basis point is one-hundredth of a percent. The
mortgages in the survey had an average of 0.64 discount and origination
points.
A 30-year fixed mortgage is a loan that has an interest rate that stays
the same for the 30-year term of the loan. Someone taking out a
$165,000.00 30-year fixed mortgage at the current average would pay
$878.71 a month for the life of the loan, the Bankrate report noted.
Nationally, the highest rate on a 30-year fixed mortgage was 8 percent.
The lowest rate was 4.25 percent. Six months ago, the average rate was
5.98 percent.
"The Federal Reserve's announcement that it intends to
purchase Treasury securities over the next six months caused bond
yields to drop and mortgage rates followed," said Frank Nothaft, chief
economist for Freddie Mac, a major buyer of existing mortgages.
"Rates for 30-Year, fixed-rate mortgages peaked last year at 6.63
percent on July 24th. With 30-year fixed mortgage interest rate
difference at almost 2 percentage points, that amounts to a savings of
about $225 in monthly mortgage payments for a $200,000 loan. Potential
homebuyers are taking notice of these historically low mortgage rates.
Mortgage applications for home purchases consecutively rose in March,
based on figures published by the Mortgage Bankers Association." The
average rate quoted by Freddie Mac on April 1 for conventional
mortgages is 4.85 percent.
If you are interested in taking advantage of these historically low interest rates and buy a home in Pawleys Island, Litchfield, Georgetown, Myrtle Beach, Murrells Inlet, Longs, Little River, Garden City, Surfside Beach, Conway, or North Myrtle Beach, please call Jake Lee 843-240-0431 or Ann McKinnon 843-907-6899 to start searching for your new home today!! You can also visit www.SCRealEstatePartners.com and request a foreclosure list, browse homes for sale, search the mls, get information and watch videos about the different towns along the Grand Strand and Lowcountry, make an offer online, and MUCH more!!