Southport Oak Island Realty Group, Inc

Want To Know Best Way To Keep Track of Mortgage Rate Trends

If you’re thinking about buying a home in Southport North Carolina or Oak Island North Carolina, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move to the coastal North Carolina area.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know when looking at buying and interest rates in Oak Island NC and Southport NC.

The Latest on Mortgage Rates

Rates have been volatile, to say the least! unfortunately that means they’re bouncing around A LOT. You may be wondering, why? The answer is complicated because rates are affected by so many factors.

Things like what’s happening in the broader economy and the job market (not just in Oak Island NC and Southport, NC), the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

Professionals Can Help Make Sense of it All

While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move to Oak Island North Carolina or Southport North Carolina, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros.

We at Southport Oak Island Realty Group coach people through the continual changing market conditions all the time. We continue to focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts your home purchase in the SOuthport NC and Oak Island NC areas.

The below chart is a broad an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home in Southport North Carolina. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below):

As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget when buying in Southport NC.

It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro like the ones at Southport Oak Island Realty Group have the knowledge and experience needed to guide you through them.

You don’t need to be an expert on real estate or mortgage rates, you just need to have someone at Southport Oak Island Realty Group, by your side.

Have questions about what’s going on in the housing market in Southport North Carolina or Oak Island North Carolina? Let’s connect so we can take what’s happening right now and figure out what it really means for you.

Share the Post:
Picture of Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

Related Blogs

Homes & Real Estate

Get a Free

Home Assessment