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Brexit Vote Sends US Mortgage Rates to 3 Year Low

News outlets this week have been aflutter with speculation in the aftermath of the controversial vote for Britain to leave the European Union. The historic move has many intricacies and consequences on an international plane, which Bloomberg breaks down for us: “Brexit has only heightened concerns about the global economy that have been pushing down borrowing costs since the start of the year.”

Keith Gumbinger with HSH.com notes that “the odds for lower rates, for a longer period of time, are very good.” The average 30 year mortgage rate has been under 4% since the first quarter of 2016. “If rates remain down at this level, you will see some additional incremental demand for housing,” he added.

John Cunius, with Alpha Mortgage, echos their assessment, stating, “Brexit vote sent investors rushing into safe haven assets such as government bonds and mortgage backed securities, which in turn pushed mortgage rates to near record lows.”

The Cape Fear region has historically experienced its peak sales season from July to September, so rates being at record lows should propel searches and sales in our market even further. Freddie Mac’s chief economist, Sean Becketti, told Forbes that “this week’s survey is the lowest since May 2013… should support solid home sales and refinancing volume this summer.”

Local REALTOR Tom Gale, with Team Gale at Coldwell Banker Sea Coast Advantage, is optimistic about the effect interest rates will have on home sales in our area. “If you’re thinking of buying a home, now is a great time to do it.”

“Low interest rates allow you to get considerably more home for the same monthly payment,” Gale explains. “For instance, if you finance a $200,000 home, if interest rates went up by 1%, your same mortgage payment could only buy you a $178,000 home. Or, if you still wanted a $200,000 home, it would cost you over $100 more per month in interest to get the same home.”

 

For any questions you may have, please feel free to contact Team Gale or our preferred lender!

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Featured Home in Carriage Run

102 SAVANNAH DRIVE, JACKSONVILLE, NC 28546

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102 Savannah Drive is a beautiful nearly 2500 square foot home in the Carriage Run section of Carolina Plantations. A vaulted foyer welcomes you to this 3 bedroom, 2.5 bath home with second-floor finished bonus room. Master suite offers trey ceilings and an attached bath with stall shower and garden tub. Pine wood flooring, stone accents, stainless appliances, and fresh paint are among the interior details. Home has an attached two-car garage, as well as a fenced 1/3 acre yard.

Onslow County schools include Carolina Forest Elementary, Jacksonville Commons Middle, and Northside High.

102 Savannah Drive is not far from any of the shopping and dining opportunities Jacksonville has to offer. Kettle Diner, Credos Pizza, Hakata, Piggly Wiggly, Walmart, New Bridge Organic Market, Sherwin Williams, Sears, Big Lots, Patriot Automotive, Horne’s Speedway, United martial Arts, Step Ahead Gymnastics & Dance, and Northwoods Recreation Center are all a quick drive from Carolina Plantations.

 

This home is eligible under the Freddie Mac First Look Initiative until November 29, 2015. Until that time, only Owner Occupants may submit offers.

If you have any questions about this property or the submission process, please contact the co-listing agent. Shelbi Micciche can be reached at 720-297-7433

Never Move Without…

…Team Gale! We kid, we kid. But really, folks, we’re your best bet for every aspect of real estate in southeastern NC.

Buying a home is among the greatest financial investments you will make in your life, and moving is among the most stressful. There are several items to make sure you have ahead of a move, whether it’s across town or across the country!

WorkHacks blogger Julia Roy moved with her husband from New York City to San Diego last spring. The productivity queen weighed her options on how best to move their entire lives from one coast to another, finally settling on the PODS company to assist.

Roy’s recommended items for a smooth move:

1. Colored Tape – Color coding your boxes will make unpacking SO much easier!
2. Banker’s Boxes – You’ll appreciate having handles
3. Retractable Utility Knife
4. Tape Gun
5. Bubble Wrap
6. Rubber Bands
7. Furniture Blankets – Protect your stuff! You may have last minute items to load and no boxes of size, but fear not, they can be blanketed and banded them.
8. Mover’s Dolly – Wheeling around five boxes versus carrying individually. No brainer!
9. Plastic Stretch Wrap – You don’t want to

 

 

 Click the coupon below for an exclusive offer for Coldwell Banker customers!

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