Mortgage Rates Drop to 2-Year Lows
June 7, 2019
From REALTOR Magazine - National Association of Realtors July 8, 2019
® REALTOR® Magazine
Mortgage Rates Drop to 2-Year Lows
This marks the sixth consecutive weekly decline for mortgage rates, leaving some borrowers wondering how low will they go. The 30-year fixed-rate mortgage averaged 3.82% this week, the lowest average since September 2017.
“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wider dispersion among mortgage rate offers,” says Sam Khater, Freddie Mac’s chief economist. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”
Freddie Mac reports the following national averages with mortgage rates for the week ending June 6:
30-year fixed-rate mortgages: averaged 3.82%, with an average 0.5 point, falling from last week’s 3.99%. Last year at this time, 30-year rates averaged 4.54%.
15-year fixed-rate mortgages: averaged 3.28%, with an average 0.5 point, falling from last week’s 3.46% average. A year ago, 15-year rates averaged 4.01%.
5-year hybrid adjustable-rate mortgages: averaged 3.52%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 5-year ARMs averaged 3.74%.
A lot of my clients moved here to North Carolina from somewhere up North; New York, Pennsylvania, Michigan, etc. A common question is "Why don't you have a lot of homes here in NC with...
A lot of my clients moved here to North Carolina from somewhere up North; New York, Pennsylvania, Michigan, etc. A common question is "Why don't you have a lot of homes here in NC with basements?"
You see, in many other parts of the country it's quite common to have a basement as the foundation of a home. While here in North Carolina, it's just as common for a home to be on a crawl space or concrete slab foundation.
The reason for this is the soil. Here in Central North Carolina the soil is rich in clay, and this presents a problem for basements. Clay rich soils don't hold water very well and water always seeks the path of least resistance, which means it tends to flood basements.
However, the topography of some lots means that a "daylight" or "walkout" basement is the best option for a builder, even here in NC. These types of basements are not surrounded by earth on four sides, and have one side accessible by doors and windows, because the lot is sloping downward and away from the street. This requires some fairly common drainage to be added to the lot, and the basement can add quite a bit sqare footage to the home.
Buidlers will usually offer a 'finished' basement as an option in this case, and the cost of having the builder do it can be less than actually doing it yourself. Plus, there's the comfort of having it completed before you move into the home, as finishing a basement yourself can be quite difficult.
I took some recent drone footage of Langston Ridge by Chesapeake Homes in Knightdale. It's literally a few minutes to downtown Raleigh, and you can see the Raleigh Skyline in some of the shots. Chesapeake Homes does offer daylight basements in Langston Ridge. In fact, right now (Feb. 2019), they're having some incentives on homes with basements, and one home is going for $299,000 with a finished basement inlcuded!
Check out this drone video of the community, and call me today if you have any questions.
Looking for a new home? Want new construction in a great location? Check out the Townes at North Salem by HHHunt Homes. These 3 story townhomes are being built right now and selling fast. ...
Looking for a new home? Want new construction in a great location? Check out the Townes at North Salem by HHHunt Homes. These 3 story townhomes are being built right now and selling fast. Prices are under $300,000, and the community will feature a swimming pool!!
If you're looking for New Construction, or Resales, just call me today and I'll set up a custom property alert.