MORTGAGE INTEREST RATES NOT A PROBLEM FOR OUTER BANKS
With all of the recent news reports about the problems of the sub-prime mortgage market and wild swings in the stock market, it is easy to fall into the trap of thinking the “sky is falling.” In reality, the mortgage market relative to Hatteras Island properties is still quite attractive. Interest rates for mortgage amounts up to $417,000 are about 6.25 percent plus one point, and Jumbo loan rates for mortgages over $417,000 range from 7.0 to 7.125 percent plus one point. When we add in the Federal Reserve’s reduction in the discount rate and the probability of a reduction in the federal funds rate, there is every reason to continue to believe that it is a great time to be a buyer on Hatteras Island.
As you watch television and read the newspaper, keep in mind that you are hearing the ‘sensational’ news that generally applies to the national real estate and mortgage markets. Here on the Outer Banks, we are certainly influenced by outside events, but the reality of our markets and the financing of properties usually will have some unique local twists. It always pays to check the facts before forming a conclusion about how national events are playing out in our local market.
Please feel comfortable contacting us by e-mail at hranicka@hatterasisland.com or by phone at 252.305.1556 if we can help to clarify any aspect of your decision to buy or sell property on Hatteras Island.
August 22nd, 2007 at 3:44 pm
Great post! I am gonna share it with my own blog readers at jason.landbrokr.com ! Thanks.
October 23rd, 2007 at 10:26 pm
rates have been going down lately
November 3rd, 2007 at 12:59 am
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November 20th, 2007 at 7:59 am
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