Myrtle Beach Real Estate - Interest Rates on the rise
For the past few years the home buyers in Myrtle Beach SC have been spoiled with historically low interest rates. 3.5% for a 30 year fixed rate mortgage is historically a low marker in time. A recent closing received 4.125 for a fixed rate 30 year. I see the new interest rate sheet showing 4.5% for a 30 year fixed rate loan.
Recent housing reports show housing starts was encouraging. In January, single-family housing starts rose 4% from December. They were 8% higher than a year ago. A lack of inventory has been holding back home sales in many regions, so it's appears that home builders are picking up the pace of construction.
With everything going on in today's global markets the interest rates are expected to go higher causing home buyers to spend a little more in order to purchase a home.
People planning on purchasing a home for retirement are considering taking the lower interest rates on a 30 year mortgage and investing the money they have from the sale on their primary home. As interest rates continue to rise this trend may slowly be reduced.
A good part of the home buying process in the Myrtle Beach area over the past few years has been 1st time home buyers. These 1st time home buyers used to rent a home for $950 a month and were able to qualify for a loan and now purchase a home. Many of the 1st time buyers were able to own a house for what rent used to cost.
The VA loans seem to have some of the best interest rates available to real estate buyers. The VA loans can offer people with credit scores in the 600's. If you are a Veteran this can be a great opportunity for you to take advantage of this benefit.
Homes for sale in Myrtle Beach SC and Myrtle Beach Real Estate
http://www.843realtor.com/Carolina-Forest-Real-Estate.html
http://www.843realtor.com/Market-Commons-Homes-For-Sale.html
Comments(0)