LBI NJ Real Estate Mortgage Interest Rate Update
LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island Real Estate
LBI 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. 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 home loans continued their climb in the past week. For the week ending February 8, Freddie Mac announced that 30-year fixed rates increased to 4.32% from 4.22% the week before. The average for 15-year loans rose to 3.77% and the average for five-year adjustables climbed to 3.57%. A year ago, 30-year fixed rates averaged 4.17%, higher than today’s level. The 30-year fixed rate is a popular choice in the LBI real estate market for planning and affordability of a home in the LBI real estate market. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “The U.S. weekly average rate of 30-year fixed loans rocketed up 10 basis points to 4.32 percent this week. Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Rates on home loans have followed. The 30-year fixed rate is up 33 basis points since the start of the year. Will higher rates break housing market momentum nation-wide? It’s too early to tell for sure, but initial readings indicate housing markets are sustaining their momentum so far. As it pertains to LBI it is unlikely that the slight increase in interest rates are likely to drop the market. The MBA reported that purchase applications are up eight percent from a year ago in their latest Weekly Mortgage Applications Survey.” 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
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