LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island 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 rose again in the past week, though they started easing towards the end of the survey period. For the week ending May 24, Freddie Mac announced that 30-year fixed rates increased to 4.66% from 4.61% the week before. As rates rise it does decrease the buying power for many home buyers. While the LBI real estate market is less sensitive to rate increases, it is an important metric to track. The average for 15-year loans rose to 4.15% and the average for five-year adjustables was up to 3.87%. A year ago, 30-year fixed rates averaged 3.95%. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Rates on home loans so far in 2018 have had the most sustained increase to start the year in over 40 years. Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share since Freddie Mac began tracking this data for a full year in 1972. At a time when housing inventory remains extremely low, it’s worth watching whether these higher borrowing costs lead some would-be sellers to stay put in their current home. Inventory shortages would likely worsen if more homeowners decide not to sell out of reluctance of having a new home loan with a higher rate.” 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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