With the slow economy and high unemployment in the Greenville, Anderson, and Spartanburg South Carolina areas, people would not expect any good news, but there is a silver lining. Often the higher the overall unemployment rates, the better or lower the overall mortgage rates for Fannie Mae, Freddie Mac, FHA, and VA mortgages.
Unemployment in South Carolina has reached double digits this Summer with struggling manufacturing and textile businesses being hit hardest in South Carolina (up over 11% and rising). For the fortunate who still have job stability, higher national unemployment and the struggling national economy have driven down mortgage rates.
Currently as of July 10th, 2009, mortgage rates are sitting UNDER 5% for many 30 year fixed mortgage programs, around 4.5% for many 15 year fixed programs (and they may keep falling).
The government has been making many efforts (like buying mortgage-back securities) to keep mortgage rates low so consumers are encouraged to buy homes and/or refinance and save money off your monthly bills, thereby freeing up money to re-spend back into the sluggish economy.
As a consumer, if you were considering buying a home or refinancing your home, now is the time to do it. Not only are rates low, but with the abundance of homes for sale in the Upstate of South Carolina, it’s truly a buyer’s market for real estate. Hopefully, low mortgage rates and a buyer’s market can help aid the economic recovery for all citizens of the Upstate of South Carolina.
Posted by Gary Schoenholz. Gary is a Sr. Loan Officer with Horizon Financial. You can reach Gary @ 864-979-1111 or email to GSchoenholz@HorizonFinancial.org . Visit Gary’s website @ www.GaryTheMortgageExpert.com .
