Mortgage Rates in Charlotte, NC have taken a beating this past week. Since the Federal Reserve announced plans to print $600 Billion new dollars and buy US Treasuries in an attempt to spur on the economy, mortgage rates in Charlotte and throughout the Carolina's have jumped from the historic lows we saw before the Fed Meeting.
30 Year fixed rate mortgages are still insanely low, in the mid 4% range for most people. Last week, rates briefly dropped below 4% for the first time ever, but that was short lived as mortgage bond traders started to worry about the inflation that the Fed will be printing over the next 6-8 months.
Volatility is still extremely high with rates changing as much as 0.5% during a 1 hour appointment, like happened yesterday. Interest rate quotes are only good the minute they are spoken - they can change at any time.
Rates are likely to stay in the 4% range for a while longer, but the activity last week moved rates for some lenders by almost a half a percent. Working with a Mortgage Professional that has his/her eye on the Mortgage Bond market is critical to securing the best mortgage payment and locking in an interest rate at the right time.
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