Charlotte MortgagesIn the last week of July 2010, mortgage rates in the Charlotte area dropped to the lowest level on record. From a financing perspective, buying Charlotte homes now may be the most attractive opportunity in decades for those in the market taking advantage of already low home prices.

Freddie Mac says the average rate for 30-year fixed loans this week was 4.54%, down from 4.56% just last week. That’s the lowest since Freddie Mac began tracking rates in 1971.

The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.

The rate on the 15-year fixed loan dropped to 4%, down from 4.03% last week and the lowest on record.

Rates have fallen since the spring. Yields on U.S. Treasury bonds have dropped as jittery investors seek safer investments. Mortgage rates tend to track yields on Treasurys.

To research your own situation, use our mortgage tools and read why you should use a local lender for your next transaction. We are here to help!