In the last several weeks both oil and the 10 year treasury rate yield have dropped to historic lows. While there have been a few dead cat bounces the overall trend is lower. With the 10 year yield dropping, economists know that Charlotte, NC mortgage rates are sure to follow. The 10 year yield and 30 year fixed mortgage have had a strong correlation since the early 1970s and that is not going to change in January of 2016.
With this being the case, most Charlotte area home buyers are finding mortgage rates very close to all time lows. If you have a credit score above 720 and a debt to income ratio that is below 40% there is a good chance you will qualify for some of the lowest interest rates in the history of the Charlotte, NC housing market. Whether you are purchasing a brand new home in Ballantyne or buying your second or third home in Concord there are opportunities to save money with the current low interest rate environment.
If you have any questions about qualifying for a home loan feel free to call Scott Hastings today at 704-360-3636. He will be more than willing to help you understand each and every step of the mortgage process. Even if you don’t have the best credit score or do not have the 20% down payment amount there are home loan products that can help you get in the home of your dreams.
While oil prices, treasury yields and the stock market sink lower, many homeowners are considering their options. Instead of watching their wealth decline in the overall market it might be a wise consideration to invest in one’s home. If you want to better understand the numbers behind paying your home loan off quicker or refinancing to a 15 year fixed mortgage do not hesitate to reach out to Scott today. He has a wealth of experience when it comes to helping clients save money with shorter term loans.