Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Rising borrowing rates could impact home sales, refinances

As the economy and housing market continues to shift, so too will the behavior of existing homeowners and potential home buyers in the Charleston area. One of the biggest motivating factors in deciding to stay in a home or purchase one for the first time is the cost. In order to reduce the cost of a mortgage, owners and buyers seek the best possible rate.

According to reports, home mortgage rates are on the rise. Responding to the collapsing housing market after the recession began in 2008, the "Federal Reserve has poured billions of dollars into the mortgage market." This, in turn, pushed mortgage rates to low levels intended to stimulate real estate transactions, including refinances and home purchases. Recently, however, there was a suggestion that this practice will soon end.

News that the Federal Reserve might shift its approach to home mortgages sent the rate on a "30-year fixed conventional mortgage to 3.90 percent." News that refinances beginning to decline and home purchases are up slightly reflect this upward trend. Existing homeowners feel that current rates aren't low enough to refinance and those looking to buy a home for the first time want to buy before rates go any higher.

As consumers look to make a big financial move, such as buying a home, they may wonder when the best time to move will be. Oftentimes, it's signals from the market that act as the biggest incentive.

In the rush to take advantage of low rates before they climb, there's a chance that mistakes can be made along the way. This may be especially true among first-time homeowners who have never been through the closing process. Realistically speaking, even long-time homeowners looking to refinance could benefit from guidance through their transaction.

Source: NBC News, "Rising mortgage rates could dissuade new home buyers," Diana Olick, May 29, 2013

Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions