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.
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Long Beach Island Mortgage Update
The rise in rates for home loans slowed in the past week. This is generally good news for buyers in the LBI real estate market and elsewhere. For the week ending February 22, Freddie Mac announced that 30-year fixed rates increased to 4.40% from 4.38% the week before. This is still a very good rate historically speaking for second home and primary home purchases on Long Beach Island. The average for 15-year loans rose one tick to 3.85% and the average for five-year adjustables climbed to 3.65%. A year ago, 30-year fixed rates averaged 4.16%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac –“Fixed rates on home loans increased for the seventh consecutive week, with the 30-year fixed rate reaching 4.40 percent in this week’s survey; the highest since April of 2014. Rates on home loans have followed U.S. Treasurys higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the FOMC minutes for February 21, 2018 sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see rates continue to trend higher.” 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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