Hello and welcome. This is Nolan with DiscoverNCHomes and Nolan’s News. And as always, thank you for having us. In this economy where the past few months we’ve heard just a lot of doom and gloom with inflation being so high and high interest rates, had some great news today – we’re sitting in the middle of November, we had the largest decline in mortgage since 1981!
So very good news for buyers and sellers! This decline we are running at an average on a 30 year fixed rate at 7.08%, and we’ve dropped down to 6.61% for a 30 year fix. So very good news. That saves an end user on a purchase of $300,000 – $500,000 at least a few hundred dollars a month. So very good for us.
The reason for this decline is: a lot of the analysts have said that we have seen the highest rate in inflation, and now that is behind us. So that is very good news. We’re still battling with some bad news in general with our real estate. Third quarter this year, and fourth quarter projections for a lot of the major builders like D.R. Horton, Toll Brothers, Pulte Homes, they’re posting some small losses, but for our particular area, again, Brunswick County, the Beaches, Southport, New Hanover County, southeastern North Carolina, we are in a special place. We rely on other people coming into our area for our market.
So we are still seeing good growth. Our new construction has not slowed down as well, which is also great. And again, this decline in mortgage rate, if it’s here to stay and we might see a further decline, we’re going in the right direction again. So that’s a wonderful thing and it really helps our first time and second time home buyers who are in that $250,000 – $350,000 range. So hopefully interest rates will remain down. But again, the biggest, largest decline since 1981, so that’s 41 years ago.
As always, thank you for having us. If you need any, uh, interest rate, mortgage info, anything like that, please reach out. Have a wonderful day.
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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.