If you need assistance, please call 843-321-2158

Mortgage Rates are Rising…Now may be the BEST time for you BUY!

Wednesday, January 19, 2022   /   by Sonya Reiselt

Mortgage Rates are Rising…Now may be the BEST time for you BUY!

mortgage rates sonya.png
Last week 30-year fixed interest rates ticked up again to its highest point in almost two years. Although expected, potential home buyers may want to get a move on securing their home now. Experts are expecting the rates to continue to rise this year and it looks like that is becoming a reality.

1st Quarter 2022- 3.4%

2nd Quarter 2022- 3.5%

3rd Quarter 2022- 3.6%

4th Quarter 2022- 3.7%

Even with modest increases, rates may have a strong impact on your monthly payments and overall affordability. However, interest rates, even at their projected increased rate are still below averages for the past 5 decades. Meaning it’s still a great time to buy. However, keep this in mind; Mortgage rates surged the second week of the new year. The 30-year fixed rate rose from 3.22% to 3.45% the week before. If inflation continues at its current pace, rates will continue to climb even faster in the coming months (Nadia Evangelou- Senior Economist & Director of Forecasting at NAR).

 The take-away from all the data I’ve seen is simple, if you’re looking to make a move, doing so now in the safest way to go. We cannot control the economy and many factors that impact the housing market and where it may be trending this year, but we do know the here and now. And that data suggests that NOW is the best time to purchase your Beaufort home.

CURRENT SOUTH CAROLINA INTEREST RATES

(Based on Good Credit- 740 or higher & purchase of a single-family home as your primary residence)

                                            RATE                 APR

30 YEAR FIXED RATE-      3.75%               3.821%

20 YEAR FIXED RATE-      3.375%             3.472%

15 YEAR FIXED RATE-      2.75%               2.874%

10 YEAR FIXED RATE-      2.625%             2.805%

 

ADJUSTABLE RATE MORTGAGES

10 YEAR ARM-                 3.0%                  3.117%

5 YEAR ARM -                  2.75%                3.064%

 

FHA MORTGAGES

30 YEAR FIXED-FHA        4.125%              5.197%

15 YEAR FIXED- FHA       4.0%                   5.089%

 

VA MORTGAGES

30 YEAR FIXED- VA          3.99%                4.254%

15 YEAR FIXED- VA          4.0%                  4.469%

Are you ready to start your Beaufort home search?  Then let’s get you pre-approved for your home loan now.  I work with two of the finest local lenders in the business who will listen to your personal situation and find the best loan for your specific needs. They’ll help you maximize your lending power to get the most home for your money.

Joey Jones at Finance of America

Walter Dagley at Supreme Lending

 

Call me today to schedule a time to chat and review your personal situation and prepare your home buying journey. I can’t wait to get started on assisting you in achieving your real estate goals.


  beaufort county home buyers, home buying tips, beaufort county first time home buyers

The Homesfinder Realty Group 208 Carteret St Beaufort, SC 29902
Sonya Reiselt
208 Carteret Street
Beaufort, SC 29902
843-321-2158


Supreme Lending Information

Licensing
Privacy Policy
Consumer Complaint
Terms of Use

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. All area measurements and calculations are approximate and should be independently verified. Data may be subject to transcription and transmission errors. Accordingly, the data is provided on an “as is” “as available” basis only and may not reflect all real estate activity in the market”. © 2022 REsides, Inc. All rights reserved. Certain information contained herein is derived from information, which is the licensed property of, and copyrighted by, REsides, Inc. Last Updated September 30, 2022
This site powered by CINC: www.cincpro.com