Triangle area mortgage rates are once again below five percent

For the past few weeks, mortgage interest rates were back up again past 5 percent.  However, with the weak economy rates, they have once again dropped below the 5 percent mark. The 30-year fixed rate mortgage averaged 4.95 percent last week which was down slightly from the 5 percent the week before. The 15-year fixed rate mortgage also saw a decline to 4.22 percent which is down from 4.27 percent the week before according to Freddie Mac.

The Case Shiller home-price index report recently showed that the median price of homes in the

United States fell one percent the month of December and were down a total of 2.4 percent from a year earlier.  Charlotte saw home prices fall more than the national average with a 4.4 percent decrease in 2010. The Raleigh and Durham areas had only a .7 percent decrease from November to December.

Mortgage interest rates once again below 5 percent, have caused a jump in mortgage applications. There was a 13 percent rise alone last week in mortgage applications according to the Mortgage Bankers Association, and refinance applications on existing mortgages jumped 18 percent.

If you are looking to buy or sell a home in the Triangle area contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

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