30 Apr Recap of April Mortgage News
Mortgage rates for long-term loans are continuing to rise in the United States. The Charlotte area is experiencing some growth in home prices again. Brunswick County in the Cape Fear region has enjoyed its most successful month in nearly seven years. A 5-year-old development in Berkeley County has new life. Here’s more on the mortgage news stories that we are watching:
Mortgage Rates Continue to Climb
U.S. mortgage rates are now up to levels they haven’t reached in more than four years. This was the third consecutive week of gain in long-term rates. The average mortgage on a 30-year, fixed-rate loan is now 4.58%, rising from 4.47% last week. On a 15-year, fixed-rate loan, the average rate increased from 3.94% last week to 4.02% this week.
Home Price Gains In The Charlotte Market
According to the recently released S&P CoreLogic Case-Shiller index, it seems that home price gains in the Charlotte region have started to achieve a little momentum. Year-over-year home prices increased 6.4% in February 2018. Also of note, growth in residential home prices had decreased in November and December of 2017 to less than 6% but was up again to a 6% pace in January 2018 when compared with last year. Residential real estate experts conclude that continued gains in both the economy and job section are likely to influence sustained rising home prices.
Residential Home Sales In Brunswick County
March was the best month for home sales in Brunswick County, as reported by the Brunswick County Association of Realtors. Sales of luxury homes — those over $500,000 — are up 40% from last year. Four hundred fifty homes sold for the month, representing nearly a 13% increase year-over-year. Based especially on rising mortgage rates, a strong summer selling season is expected in this highly competitive market.
Mixed-Use Community In Berkeley County Ready To Move Forward
A decade-old development, Carnes Crossroads, is starting to take shape. Being developed by Daniel Island Co., Carnes Crossroads will upon completion have 4,500 homes, a hospital and medical office, apartments, retail tenants, walking trails and a junior Olympic swimming pool. There are currently around 175 homes with residents and 30 more lots that have sold, with 20 additional lots for sale. The community is at U.S. Highway 176 and 17A in Berkeley County. After no significant growth for about five years through the recession and recovery, development is picking up with five builders on board.
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The Associated Press. “US mortgage rates highest since 2013; 30-year at 4.58 pct.” Web blog post. The Charlotte Observer. 26 April 2018. Web 26 April 2018.
Callison, Jenny. “Brunswick County Home Sales Rise In Key Indicators.” Web blog post. WilmingtonBiz. 18 April 2018. Web 18 April 2018.
Martin, Jenna. “With spring selling season underway, here’s how Charlotte-area home prices are tracking.” Web blog post. Charlotte Business Journal. 24 April 2018. Web 24 April 2018.
Wise, Warren L. “Berkeley County neighborhood quietly building 4,500-home community near Charleston.” Web blog post. The Post and Courier. 30 April 2018. Web 30 April 2018.