LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island NJ Real Estate Mortgage Interest Rate Update: For the majority of buyers in the LBI real estate market, a mortgage is necessary to complete the home purchase. One of the most common loans seen for buyers in the Long Beach Island real estate market is the 30 year fixed rate loan which saw a slight drop this past week. Therefore, understanding Long Beach Island mortgage rates is an essential stop to buying a second home or investment property on LBI. This Long Beach Island Mortgage Update can help you to understand how the current real estate market and mortgage market are performing.
Long Beach Island Mortgage Update
Rates were stable for the second straight week nationwide. This seemed to be the trend in the Long Beach Island NJ real estate market as well. For the week ending July 19, Freddie Mac announced that 30-year fixed rates decreased one tick to 4.52% from 4.53% the week before. This is still a very low rate historically speaking and has not seemed to have any impact on sales in the LBI market. The average for 15-year loans fell slightly to 4.00% and the average for five-year adjustables moved up to 3.87%. A year ago, 30-year fixed rates averaged 3.96%. Attributed to Sam Khater, Chief Economist, Freddie Mac –“Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment. This meant there was no driving force to move rates on home loans in any meaningful way, which has been the theme in the last two months. That’s good news for price sensitive home shoppers, given that this stability in borrowing costs allows them a little extra time to find the right home. Unfortunately, don’t expect much relief from the tight inventory conditions plaguing many markets. Inventory levels on LBI seem to be very low as well as buyers are looking for homes that are just not there! As seen again last month, new home construction is not picking up to meet demand, and as a result, home prices are still rising at double the pace of income growth.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Buying a Home in the LBI Real Estate Market
This information is provided by Len Herbert , Branch Manager Advisors Mortgage Group, LLC. His contact information is 1411 Highway 35 Ocean, NJ 07712 firstname.lastname@example.org www.lenherbert.com (609) 549-0270 (732) 684-5771 NMLS # 442515. I have worked with Len on several occasions for transactions in the LBI real estate market and highly recommend him as trusted professional. It is important that all buyers understand that not all buyers will qualify for a home loan or for certain interest rates. It is best to speak to a lender to see how your individual situation will impact your mortgage options on Long Beach Island or elsewhere. For more information about buying a home in the LBI real estate market please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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