Today's Mortgage Rates are Right for Homeowners -- Could That Change?

By Gabriel Traverso
Local Lender Columnist
Apr 14, 2008
The media and real estate industry have been lamenting the recent changes in the real estate market. We saw a boom, some say we're seeing a crash. Is that really true? Does it matter?

Mortgage Rates at Historical Lows

If we take a shortsighted view and only take a look back in the past few years, then yes, rates have climbed. We're now at an average 6.37 for a fixed-rate 30-year mortgage. But in the past, mortgage rates have climbed above 8% and even more. People in NC were still able to buy homes when rates were that high, so today's rates should look pretty good if you take the long view.

Don't Sit on the Fence: Find Your NC Home!

If you're just not sure that now is the right time to buy a new home in NC, think again. Rates are projected to climb over the next couple of years, but at the moment are still barely above what they were this time last year, so now is definitely an opportune time to be shopping for a new NC home. If you're thinking that home values look good now, but could get better, think again. Yes -- homes are showing a downward trend in many areas of the country, including NC markets, but that won't last. Eventually other NC homebuyers will start to catch on and want to take advantage of lower prices. If you're interested in a new home, start shopping now!

Find the Right Mortgage Lender

Remember: as you start shopping for you new NC home, also shop for the right lender. Don't go with the first mortgage company that makes you an offer. Get it in writing, lock in your rate, and then compare with a few other lenders.

About the Author
Gabriel Traverso is a freelance writer, professional musician, and an artist. He resides with his family in Reno, NV.