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 continued their upward trend in the past week. While this has caused some buyers in the LBI real estate market to take a closer look at the purchase price, for now at least there has been little to no impact on buying habits as a result of rising rates from the data I have seen. For the week ending August 2, Freddie Mac announced that 30-year fixed rates increased to 4.60% from 4.54% the week before. There does seem to be a trend of higher rates and this overtime will most likley cause a slow down in some markets on LBI, specifically the lower price homes and condos. The average for 15-year loans rose to 4.08% and the average for five-year adjustables moved up 3.93%. A year ago, 30-year fixed rates averaged 3.93%. Attributed to Sam Khater, Chief Economist, Freddie Mac –“The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months. Yesterday, the Federal Reserve passed on raising short-term rates, but with the embers of a strong economy potentially stoking higher inflation, borrowing costs will likely modestly rise in coming months. Even with home price growth easing slightly in some markets, rates hovering near a seven-year high will certainly create affordability challenges for some prospective buyers looking to close.” 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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