While the summer might be coming to a close, the local housing market is pushing full steam ahead. Mortgage interest rates continue to hover below 3% at historical lows, which is creating a huge demand for both home purchases and refinances.
Although TowneBank Mortgage is a purchase and construction loan-focused company and we are committed to providing priority to our buyers, we have been processing a record-breaking number of refinances due to the low-rate environment. We will never turn you away or tell you that we are too busy for your business.
While the purchase demand still very is high in our area, there is a lack of housing inventory both locally and nationwide, making it a seller’s market.
Not to mention that all of this is happening as “hundreds of thousands” of people are fleeing cities in search of safety- both from COVID-19 and the recent protests that are now turning violent in some major cities. It is being described as the largest suburban migration since the 1950s and ’60s. Can you imagine a more peaceful place to live than the Outer Banks?
Right now, we are seeing multiple offers on homes, with some above asking price. While it may be considered a seller’s market, these historically low rates are giving buyers significantly more buying power.
For this reason, banks and mortgage companies, such as TowneBank Mortgage, are experiencing longer turn times for their clients. Appraisers are having a particularly hard time keeping up with the surging demand for both purchases and refinances, which results in an increased turn time during the mortgage underwriting process.
While our turn-times are experiencing a temporary delay, we still can promise to provide one-on-one customer service, in-house processing and underwriting, and local decision making for a stress-free experience.
As always, please feel free to give me a call if you have any questions about interest rates or the current state of the mortgage market.
TowneBank Mortgage – Your Hometown Mortgage Lender.
NMLSR # 94785
Mortgage Loan Officer
P.O. Box 1578 | 4629 N. Croatan Hwy
Kitty Hawk, NC 27949
The information contained herein (including but not limited to any description of TowneBank
Mortgage, its affiliates and its lending programs and products, eligibility criteria, interest rates, fees, and all other loan terms) is subject to change without notice. This is not a commitment to lend.