Mortgage rates have remained at almost historic low this week. The lowest average mortgage rates were around 3.31% in Nov 2012. Our most current rates are not much higher this week at 3.42% for a 30-year-fixed-rate. Rates have continued to drop ever so slightly over the last few months. I would not expect them to get much lower that they are now, so if you're in the market to purchase, I would certainly recommend doing so soon.
Here are the averages for the week:
- 30-year-fixed-rates - 3.42%. This time last year, they were 4.09%.
- 15-year-fied-rates - 2.72%. This time last year, they were 3.25%.
- 5-year hybrid ARMs - 276%. This time last year, they were 2.96%.
Now is a great time to buy or sell! As always, if you or anyone you know is ready to buy or sell a home, investment property or commercial property, please feel free to contact me. Our local inventory is very tight in the Charleston area with this influx of new residents. However, if you're prepared when the perfect property becomes available, you should have little problem securing it.