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. 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.
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Long Beach Island Mortgage Update
Rates on 30-year fixed home loans, one of the most popular and most widely used loans in the LBI real estate market, decreased from week-to-week for the first time in 2018. For the week ending March 15, Freddie Mac announced that 30-year fixed rates fell to 4.44% from 4.46% the week before. While it is unlikely that this drop will really impact home buying patterns one way or the other on Long Beach Island, any drop is helpful to hope shoppers. This can have a long term impact on the reduction of a LBI homeowner’s costs. The average for 15-year loans decreased to 3.90% and the average for five-year adjustables rose to 3.67%. A year ago, 30-year fixed rates averaged 4.30%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “The Consumer Price Index report for last month indicated inflation may be cooling down — as consumer price inflation was 2.2% year-over-year in February. Following this news, the 10-year Treasury fell slightly. Rates on home loans followed Treasurys and ended a nine-week surge. The U.S. weekly average 30-year fixed rate fell 2 basis points to 4.44% in this week’s survey, its first decline this year.” 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
You May Also Like: