Are you looking for the Best Mortgage Rates in Raleigh? Well, it looks like rates are going to stay in a pretty tight range. We have seen some upward pressure – and you may have noticed that the 10 year Treasury Bill (which is a general indicator of which way rates are going) has been above 2.0% in the last weeks.
In general – if you are about to lock into a rate – you want to do so on a day when there’s BAD Economic News released. So in February of 2013, you will get the Best Mortgage Rates on a day when the 10 year Treasury is closer to 1.9%.
Data released in the Obama administration’s January Housing Scorecard show signs that the housing market is continuing to strengthen, with the number of underwater borrowers declining while home prices improve.
Officials warn that, while the recovery is in full effect right now, there is regional variation and the overall U.S. economy still remains fragile.
Broken down, the housing recovery looks promising. The inventory of existing homes for sales continued to decline, dropping from a 4.8 months’ supply on the December scorecard to a 4.4 months’ supply, according to data from the National Association of Realtors. The significance of this is highlighted when looking back at the November scorecard, when there was a 5.3 months’ supply of housing.
With fewer homes on the market, fewer homes are being sold. The number of existing homes for sale dropped from 415.8 million in December to 411.7 million in January, according to NAR, U.S. Census Bureau and HUD. 10.67
Mortgage rates settled down in early February at levels well below historic norms after surging during the last week of January. According to Freddie Mac the average 0-year fixed-rate loans for January was 3.41% with 0.7 in points. To put that in perspective, Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. So rates are generally .125% to .25% higher than they were last fall.
This is a little deceiving because we can’t actually QUOTE a 3.41% rate. Mortgage Rates are quoted in 1/8 intervals. Generally, you will get the BEST Mortgage Rate at a 1/4 or 1/2 mortgage interest rate. Because that might be difficult to understand – let me try again… because of the way mortgage loans are sold, generally a 3.5% rate will have better terms (Fees, points, etc) than a 3.325% rate.
If you are looking for the Best Mortgage Rates, Call Steve and Eleanor Thorne 919 649 5058 – find us on Facebook – add us to your Circles on Google + / we want to connect and find out how the housing market looks in YOUR corner of NC!