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 continued to ease from recent highs in the past week. This is almost always good news for buyers in the LBI real estate market and elsewhere as it lowers the cost of ownership. In a high end market like Long Beach Island, even small changes to the interest rate can save thousands of dollars each year. For the week ending July 5, Freddie Mac announced that 30-year fixed rates decreased to 4.52% from 4.55% the week before. The average for 15-year loans fell to 3.99% and the average for five-year adjustables moved down to 3.74%. A year ago, 30-year fixed rates averaged 3.96%. These kinds of rates are still very competitive and again, can save thousands of dollars each year. Attributed to Sam Khater, Chief Economist, Freddie Mac — “After a rapid increase throughout most of the spring, rates on home loans have now declined in five of the past six weeks. What that means for buyers is good news. Although the current economic expansion is in its 10th year, residential single-family real estate was initially slow to recover. Now, backed by the demographic tailwind provided by millennials reaching the peak age to buy their first home, the housing market should have some room to grow going forward.” 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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