Chapel Hill Mortgage Broker 30 Yr Fixed Rates in Durham, Pittsboro

By Jim Enright – Chapel Hill Mortgage Lender

Hi I’m Rick Arnold. This is my wife Jess.  We’re from Hillsborough, North Carolina 27278, and we just bought a house in Gibsonville, North Carolina, with the assistance of Jim Enright and his team.

We actually came to Jim through a recommendation from our realtor for our first-time buyer home loan in Hillsborough, North Carolina 27278 because we had a slightly harrowing experience with a mortgage loan officer with our local bank. We were very happy to come to Jim.

In a very short amount of time, he was able to get a lot of things done very efficiently. He was very open to communication, very flexible.

I met with Jim a couple of times now and his service and the turn-around time on everything was outstanding. We definitely would not have been able to, I think, close and make final offers on the house without Jim being able to get balls rolling as quickly as he did.

And with the current market and everything I think that anyone who’s thinking of looking to buy right now definitely needs to give Jim and his team a call and I would definitely recommend them 100 percent.

Update: June 5, 2013 Raleigh NC Home Purchase Loan approved 2 weeks before closing and just waiting….

Raleigh NC 27613 Theresa Kelly had to wait two weeks after mortgage approval to close! The seller could not close earlier. Watch what Theresa says.

Theresa:  Hi. My name is Theresa Kelly and I have just closed on my new home today. I am here with Raleigh and I am very excited. I was referred to Jim Enright by my realtor Kathy Legnaioli ( and she provided his name and number even though I was considering whole-heartedly to go with my credit union.

Went ahead and pursued the loan with Chapel Hill Mortgage Lender Jim and not a problem at all. I think we were two and a half weeks and the loan was closed (that is approved)  and we sat here for two weeks waiting for closing.

He promised what he said he was going to do. I have a great rate. He was very truthful about what I would need or what I wouldn’t need.

Did not recommend me getting a lower interest rate. He said it wasn’t going to be beneficial. I ran the numbers. He was right. He did what he said he was going to do.

Update: June 3, 2013 – Today’s Mortgage Rates in Raleigh, Durham, Chapel Hill, NC

by Jim Enright – Since my last mortgage update, Triangle NC mortgage rates and pricing has continued upward. Maybe mortgage heaven is over now, as we’ve known it the last two years.

As a comparison to my May 22, 2013 post, a fixed 30-year mortgage rate for a 60-day lock with a 740 minimum credit score, with escrows for taxes and insurance —

-3.5%  @ 98.00 = 3.5% +2+1 (3.757 APR) — this is paying two discount points plus 1% origination fee.
On a $300,000.00, this is $9,000.00 in closing costs.
I don’t recommend you do that…unless someone else is paying those costs.

Chapel Hill Mortgage Lender

Is mortgage rate heaven over?

June 3, 2013 new normal mortgage rates are closer to:

-3.875% (3.968 APR) with origination fee.
-4.00%  (4.093 APR) without origination fee.
-4.125%  (4.139%) with no closing costs for loans $200,000.00 and up.

Of course, these mortgage rates change daily and this post is an illustration of how quickly rates can change. As a Chapel Hill mortgage lender, I am always keeping an eye on the market.

With today’s volatility, fast lock decisions are required.

This mortgage rate increase makes my April 25, 2013 post even more of a consideration:

Of course, Adjustable Rate Mortgages have gone up. These are worth asking about. Be sure to read my full post first, though.


Update: May 22, 2013 – After Ben Bernanke’s Joint Economic Hearing –

How the market responded today and why mortgage rates are going up.

May 22, 2013 Mortgage rates increased in rate from .125% to .25% depending upon program. Pricing worsened by .625-100 basis points, depending on the program.

As a comparison fixed 30-year mortgage rates on May 21, 2013
were 3.5% @100.00. Today, May 22, 2013-3.5% was at 99.375%.

That is, 3.5% 0+1 then, today, 3.5% 0 + 1.625%

On a $100,000.00 loan, that is an additional $625.00 in price.
Or, you could choose a slightly higher rate of 3.625%, and reduce
the origination fee.


Notice that the latest mortgage market downtrend began May 3, 2013, and we’ve been on that slow slip slide of increasing rates and prices.

May 22, 2013 after Ben Bernanke's Joint Economic Hearing

May 22, 2013 after Ben Bernanke’s Joint Economic Hearing

Color Codes: Green is good. Red is bad. Direction: Up is good. Down is bad.

Are you still waiting for mortgage rates to go down? We should talk about my “Ratchet Down Strategy.”

Today’s sharp decline was fueled by Fed Chairmen Ben Bernanke’s comments about tapering off QE as soon as next month.

Be interesting to see Thursday May 23, 2013 mortgage rates and prices.


Update: May 15, 2013 – April, 2013 Home Purchases at 10 Month High

Ellie Mae’s April Mortgage Origination Insight reported Home Purchases up 42% of total mortgage originations.

Are You Average?  

30 Year Fixed Rate Mortgage Raleigh NC 27516


The average interest rate on 30-year fixed rate mortgage in April, 2012 was 3.809%, compared to 3.908 for all loans closed in 2012.

FHA loans made up 22% or mortgage loan
applications while conventional mortgages
made up 68%.

How long did your loan take to close?

Ellie Mae says the average time from
application to mortgage loan closing was:

Average of   46 days.
Purchases –  44 days
Refinances – 47 days

How Does Your FICO score Compare?

The average Fico for Q1, 2013  was 746.
The average for April, 2013 was 742.

How Much Home Equity Do You Have?
The average Loan to Value was 81%. This
means there was 19% equity in the average

Enough of the averages. Let’s be….exceptional…
or at least above average.

Questions? Contact me here.

Mortgage Calculator with taxes, insurance, and mortgage insurance here.


By Jim Enright –

Update: May 6th, 2013 Comparison of Housing Prices to the S&P 500

Housing prices and SP-500 May 1 2013 Jim Enright

A report from the Wall Street Journal shows the Housing
Market is beginning to heat up. Home prices remain
low compared to levels of income, and although prices
have rebounded nicely, they are still 30% below the
2006 peak. This suggests a big opportunity ahead for the
Housing Market. In fact, there is an eerily similar
pattern to what happened in the Stock Market. A look
at the image shows both housing and stocks traced and
almost identical decline, bottom, and bounce. Since then,
stocks have gone on to much higher levels. What if
housing takes a similar path?

Thanks to Barry Habib and the Wall Street Journal.


By Jim Enright- May 2, 2013

In home buying or mortgage refinancing the 30 year fixed mortgage
and 15 year fixed rate mortgage are the well known choices.

Did you know that you can also get a 25 year fixed mortgage?

You can.

the 25 year fixed mortgage  will pay off your mortgage faster.

the 25 year fixed mortgage will pay off your mortgage faster.

Why would you want a Fixed 25 mortgage?
-You’ve refinanced your mortgage multiple times in
the last few years and don’t want to set the timer back to 30 years.
– You build home equity faster.
– You reduce your total borrowing costs.
– It’s an enforced savings.
– It is a happy medium between a 20-year mortgage
and a fixed 30-year mortgage.

Typically there is not a rate or price advantage over the
30 year fixed rate.

The Downside —your monthly mortgage payment will

The example above is with a $320,000.00 loan amount.

Use this Mortgage Calculator for a side by side comparison
of payments for your loan amount.

Questions about anything above? Give me a call at 919 569 5930 or contact me here. I am a Chapel Hill mortgage lender ready to help you meet all your mortgage goals.

Leave a Reply

You must be logged in to post a comment.