LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island Real Estate Mortgage Rate UpdateLong 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.
Long Beach Island Mortgage Update
Rates on home loans continued to increase in the past week. For the week ending February 1, Freddie Mac announced that 30-year fixed rates increased to 4.22% from 4.15% the week before. The average for 15-year loans rose to 3.68% and the average for five-year adjustables climbed slightly to 3.53%. A year ago, 30-year fixed rates averaged 4.22%, virtually the same as today’s level. The 30 year fixed rate is a good benchmark to use in the LBI real estate market however we do see a number of other products as well. Adjustable rate loans with a 5 or 7 year term can be a good option for some borrowers to obtain a lower interest rate for the second home on LBI. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate is up over a quarter of a percentage point (27 basis points) from the first week of the year. Rates on 30-year fixed loans have increased for four consecutive weeks and are now slightly above where they were last year at this time.” 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
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