According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were largely flat last week, with little significant movement on rates for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But though rates remained steady, demand for mortgage applications fell from the week before. Michael Fratantoni, MBA's chief economist, told CNBC the drop in application demand was driven by buyers seeking jumbo loans, rather than entry-level home buyers. “We're seeing indications that entry level buyers continue to come into the market as jumbo borrowers looking at bigger homes step back,” Fratantoni told CNBC. “Last week, the average loan size for home purchase dropped to its lowest level since January.” Despite last week's drop, however, application demand for loans to buy homes remains 8 percent higher than it was at the same time last year. For Eastern, NC, rates have remained low and inventory is good so the housing market has stayed very good. This area has continued to build many new homes and there are many price ranges and sizes to choose from. Loans are being made and incentive and down payment programs are in place as well. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join us on our social media at: https://www.facebook.com/fcrhavelock/. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates In Eastern, NC

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