After a short increase in early 2010, mortgage rates again sink low, offering consumers the chance to refinance.
Online PR News – 24-May-2010 – – Earlier this week, North Carolina & South Carolina mortgage rates once again dipped below five percent, according to Freddie Mac insiders. This makes the rates the lowest they have been since December of 2009. Consumers have an excellent opportunity to refinance to a fixed rate loan at historically low rates.
This recent drop came as investors moved money to US securities from the European debt market. This lowered bond yields, and Mortgage Rates NC along with them. Savvy consumers can take advantage of these low rates to refinance to affordable fixed rate loans, lowering their rates as much as three percent over what they were just four years ago.
Refinancing allows homeowners to get out of adjustable rate mortgages (ARMs) and put their mortgage in a stable fixed form. It also allows those with older loans to refinance at a lower rate, lowering the monthly payment or shortening the term so they can pay off their loans faster.
New loans cost money in the form of closing costs and loan fees. On average, consumers looking to save money will benefit from refinancing when the rates have a difference of one percent or more. NC Mortgage rates fluctuate significantly, sometimes changing in less than 24 hours. Homeowners interested in taking advantage of these new low rates should act quickly, because they will likely increase.
To learn more about NC Mortgage Rates please visit http://carolinahomerates.com/