TIME TO BUY A CHARLESTON HOME - INTEREST RATES ON THE RISE!
Many banks/lenders are still advertising rock-bottom interest rates, but for most borrowers, rates are rapidly rising into the 5% - plus category. The window of opportunity is closing fast. During the week of Dec. 31, the average 30-year, fixed-rate loan closed at 5.14%, according to mortgage giant Freddie Mac. That rate is significantly higher than the 4.71% it averaged at the beginning of the month, and experts say rates will go higher yet!
" Interest rates are up and they're not going down below 5% again," said Mark Zandi, chief economist for Moody's Economy .com.
Homebuyers are still getting low rates between 5%-6% so home sales should rise!
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