LBI NJ Real Estate Mortgage Interest Rate Update
Interest Rate Update in the LBI NJ Real Estate Market: 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 on 30-year fixed home loans, the most common loan we see in the LBI NJ real estate market, were stable in the past week. This is good news for the markets generally speaking as the higher interest rates climb for mortgages, the higher the overall carrying and ownership cost will be. For the week ending March 15, Freddie Mac announced that 30-year fixed rates rose one tick to 4.45% from 4.44% the week before. The average for 15-year loans also increased slightly to 3.91% and the average for five-year adjustables rose to 3.68%. A year ago, 30-year fixed rates averaged 4.23%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “The Federal Reserve raised interest rates — a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen. The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008 — a decision which was widely expected. The U.S. weekly average 30-year fixed rate rose only 1 basis point to 4.45% percent in this week’s survey. So far, U.S. housing markets remain resilient in the face of higher interest rates. The National Association of Realtors® reported this week that existing home sales in February increased 3 percent month-over-month on a seasonally adjusted basis and are up 1.1 percent from a year ago.” 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 email@example.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 | firstname.lastname@example.org
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