Why are rates dropping, and what to do about it

by Tom Tousignant

in Blog, Home Buying, Mortgages

Last week’s jobs report, and the continuing financial woes in Europe, are keeping mortgage rates low in Charlotte and throughout the US.

On Friday, after the weak Employment Report, mortgage rates fell to their lowest level on 2010.

When rates eventually go back up, it will happen quick.  It could be this weeks $70 Billion in new treasury debt, so some surprise news from Wall Street that causes it, but something will cause rates to jump and they will jump quickly.  Rates always fall slowly, and rise quickly.

The issues in Europe won’t end this week, so we may see low interest rates all summer.

However, if you are still sitting on the fence about refinancing or buying, (I know you are out there – less than half of the mortgages over 6% have refinanced in the past year) don’t wait too long to get started.  Missed opportunity brings regrets.

Home Loans are not difficult to get – if you meet the basic criteria.  Commercial loans and business loans continue to be tough to get.  Every lender in the country will look at your credit score, documented income, and your savings.  If those things meet the criteria, refinancing or buying a home now is pretty simple when you work with a mortgage professional.

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