LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island NJ Real Estate Mortgage Interest Rate Update
Long Beach Island Real Estate
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.
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Long Beach Island Mortgage Update
Rates trended higher in the last week which can decrease the buying power for some buyers. While small changes impact a primary market more than a secondary market like the one seen on Long Beach Island, it is important to track this information. For the week ending June 14, Freddie Mac announced that 30-year fixed rates increased to 4.62% from 4.54% the week before, this is one of the most common loans used in the LBI real estate market. The average for 15-year loans rose to 4.07% and the average for five-year adjustables increased to 3.83%. A year ago, 30-year fixed rates averaged 3.91%. Attributed to Sam Khater, Chief Economist, Freddie Mac — “The Federal Reserve Board on Wednesday raised the federal funds rate by 25 basis points. The good news is that the impact on consumer budgets will be smaller than past rate hike cycles. That is because a much smaller segment of home loans in today’s market are pegged to short-term rate movements. This is again true of a secondary market like the LBI NJ real estate market. The adjustable rate mortgage (ARM) share of outstanding loans is a lot smaller now – 8 percent versus 31 percent – than during the Fed’s last round of tightening between 2004 and 2006. Still, inflation continues to firm and borrowing costs are inching higher. Although wages are slowly growing, stronger gains would certainly go a long way in helping consumers offset these increases in prices and rates.” 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 lherbert@advisorsmortgage.com 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 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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