South Carolina Mortgage Rates Back to Long Term Lows After Fed
Myrtle Beach Mortgage Rates fell again today, and while the move wasn't big, it was enough to bring most lenders back in line with the best rates from two weeks ago. Those have the added distinction of being the best rates since May 2013. At these levels, 3.625% is widely available as a top tier conforming 30yr fixed quote and a few lenders are quoting 3.5%. Even if your lender isn't, you can likely choose to pay higher upfront costs in exchange for the lower rate. This is neither good nor bad, but simply a matter of personal preference. You can divide the upfront cost increase by the monthly payment savings to determine how many months it would take to break even on the additional expense. If the trade-off makes sense to you, it makes sense. If not, stick with the higher rate.
Today's big market event was the Fed Announcement. Markets weren't expecting much of a change and they didn't get one. But that didn't stop the reaction from getting surprisingly large in terms of trading levels (in both stocks and bonds). The post-Fed move was positive for bond markets, and thus positive for rates. That means that many lenders were NOT at their best recent levels this morning, and only got there after mid-day reprices following the Fed-induced rally.