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Mortgage Rates in North Carolina Fall below National Average
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Consistent with national mortgage trends since June, 2012, mortgage interest rates available in North Carolina have been reported to be below the established national average. North Carolina joins the case in which most states now have below average rates. The primary forces behind this good news for North Carolina home buyers and home owners are the Federal Reserve and the central bank.
Plan into Action:
The Federal Reserve has a monetary policy in tact that backs up the Feds commitment to maintain low long-term interest rates. In line with furthering the Fed plan into action, the central bank publicly expressed their intention to purchase $45 billion in long-term U.S. Treasury Securities each and every month until the ranks of the U.S. unemployed falls below 6.5%. The central bank currently acquires up to $40 billion in mortgage-backed securities per month to implement the Federal Reserve’s monetary policy.
Recorded Interest Rates in North Carolina:
In mid-December, 2012, the national average rate on a 15-year fixed rate mortgage was 2.93%. Surveys conducted by a Charlottesville, VA, -based financial group indicated that North Carolina residents could obtain that same mortgage at an interest rate of 2.89%. A 30-year fixed rate mortgage was obtainable in North Carolina at a rate of 3.49%, with the national average being 3.51%.
Trend and Future Surveys:
SNL Financial, the financial group that conducted the interest rate surveys, stated that rate reduction has been the national ongoing trend. SNL further stated that with its periodic mortgage surveys, it will be able to track the effects of the $85 billion in fresh liquidity that will be flowing into the economy every month as a result of the central bank’s investment practices and promises.
In addition to mortgage interest rate surveys, SNL Financial also tracks which mortgage lenders are offering the lowest interest rates on home-secured loans. Of the lenders reported to be leading the way in low rate offerings, Regional FCU was the only lender located in the Carolinas to make the list. Regional FCU is a Spartanburg, SC,-based credit union that offered an interest rate of 2.50% on a 30-year fixed rate loan (December, 2012).
Shelly Henderson
Shelly calls herself a “Charlottean” because her family has been there since her elementary school days. She serves as Henderson Properties’ co-founder, along with her husband Phil, managing the day-to-day operations, social media branding and leadership development. Her different life experiences, both positive and challenging, earned the title to her first book Starting From Scratch. Shelly has a servant’s heart and leads her company with purpose and passion. She is mom to two sons who continue as young adults to make her heart swell.