Real Estate Info & FAQ

Mortgages are cooling off

I have noticed that in July, mortgage applications really cooled down. This is right on track with national trends. See the Business Week article. This is what usually happens in a cooling market. People will still move, but they will simply adjust the size of their purchase to match with the available monthly cash flow.

SC is still below the national average in mortgage rates. Since the Fed meeting recently where they held the line on the Fed Funds rate, SC rates dropped. 30-year fixed rates for a 30-day lock are in the low 6's now. As recently as the end of June or early July, they were in the 6.5 to 6.6 range.

posted by jkballentine @ 2:28 PM