Hello and welcome. This is Nolan Formalarie with DiscoverNChomes and Nolan’s News and as always, thank you for having us. I am going to talk about a topic we’ve discussed many times: interest rates.
We have seen another official move in the rate just about four or five months ago. You could lock into a 30 year fixed rate for 3.85% with a decent credit score, something over 675 – 700.
As of this week, this is St. Patrick’s week, you’re looking at 4.35% for 30 year fixed with the same credit score. So we’ve already seen that hike.
The feds are also meeting this week and discussing another rate hike. As a buyer, if you are looking at purchasing, try and get in before these rates go up. My personal prediction, and this is just from speaking with a few bankers and mortgage lenders, we could see as high as 6% by the end of the year, 6% for 30 years fixed rate.
Again, there’s no evidence to that, but I think rates are going to continue to rise and that’s a pretty significant increase. So if you’re looking, if you’re on the cusp in a certain price point, buying now is better sooner than later because these rates are going to go up.
If you have any rate questions, please call us, let us know. We work with a few very good lenders and we’ll be able to get any questions answered.
If you are interested in buying a home in the Brunswick area in North Carolina, check out our search page.
About Nolan Formalarie
Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.
