If you've been waiting for a good time to buy a house in Charlotte, you may want to start preparing for the purchase process, as conditions currently favor those looking for a deal.
During the week ending September 26, the average 30-year fixed-rate mortgage moved down to 4.32 percent from the previous week's reading of 4.5 percent, according to the latest Primary Mortgage Market Survey released by Freddie Mac. This figure represents a nine-week low for the popular product, and provides an opportunity for prospective homebuyers.
Frank Nothaft, vice president and chief economist of Freddie Mac, attributed the decrease to the public's positive reaction to the Federal Reserve's announcement that it would not yet begin to taper its bond-buying stimulus.
The dip in interest rates may lead to an uptick in mortgage applications next week, as the total volume of requests for home loans increased during the week ending September 20 – following a notable drop in rates – according to the Mortgage Bankers Association. In its most recent Weekly Mortgage Applications Survey, the organization reported a 5.5 percent hike was observed in application numbers last week.
Hoping for a little assistance navigating the path to homeownership? Lodestone Real Estate can help. The trusted local authority boasts an expansive database of area residential properties, as well as an experienced team of consummate professionals who can employ cutting-edge technology to find the best house for you.