NC Mortgage Rates Average 5.07%

Bill Hitchcock

mortgageNC Mortgage Rates Average 5.07%
Nov. 19, 2009 (Bankrate.com) — Average rates on 30-year fixed mortgages in North Carolina rose 5 basis points to 5.07 on Thursday, according to Bankrate.com’s daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.73 discount and origination points.

A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000.00 30-year fixed mortgage at the current average would pay $892.83 a month for the life of the loan.

The highest rate in North Carolina on a 30-year fixed mortgage was found at one institution that charged 10.000 percent. The lowest rate was found at four institutions that charged 4.375 percent. Six months ago, the average rate in North Carolina was 5.13 percent.

To see all of the results of Bankrate.com’s surveys, go to www.bankrate.com.

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The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.

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Author’s Yougler Profile is at  Bill Hitchcock.

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