LBI 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 were up slightly in the past week. but these numbers were released before the jobs report. As rates seem to be staying in the same range this will have little impact on the LBI real estate market. For the week ending September 6, Freddie Mac announced that 30-year fixed rates increased two ticks to 4.54% from 4.52% the week before. This all important loan product is very common in the LBI real estate market and is important to follow. The average for 15-year loans rose slightly to 3.99% and the average for five-year adjustables increased to 3.93%. A year ago, 30-year fixed rates averaged 3.78%. Attributed to Sam Khater, Chief Economist, Freddie Mac –“Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. It’s important to note that rates on home loans are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes. This weakening in affordability is hindering many interested buyers this fall, even as the robust economy brings them into the market. The good news is that purchase applications have recently rebounded to above year ago levels.” 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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