LBI NJ Real Estate Mortgage Interest Rate Update
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.
Long Beach Island Mortgage Update
Rates rose to their highest level in seven years in the past week. For the week ending May 17, Freddie Mac announced that 30-year fixed rates increased to 4.61% from 4.55% the week before. The average for 15-year loans rose to 4.08% and the average for five-year adjustables was up to 3.82%. A year ago, 30-year fixed rates averaged 4.02%. While the LBI real estate market is less susceptible to interest rates than a primary market, the overall cost of ownership on Long Beach Island will of course play into all buyers minds. This is especially true in the lower price points for single family homes and in the condo market. That said, higher interest rates generally mean the economy is doing well which can prompt more people to buy second homes and investment properties. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher rates on home loans over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season. While this year’s higher rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching five percent could begin to hit the psyche of some prospective buyers.” 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 firstname.lastname@example.org 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 | email@example.com
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