Interest Rate Update in the LBI NJ Real Estate Market
Long Beach Island Mortgage Update
Long Beach Island Real Estate
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 fell back in the past week. For the week ending January 4, Freddie Mac announced that 30-year fixed rates decreased to 3.95% from 3.99% the week before. The average for 15-year loans decreased to 3.38% and the average for five-year adjustables fell to 3.45%. A year ago, 30-year fixed rates averaged 4.20%, approximately 0.25% higher than today. Attributed to Sean Becketti, chief economist, Freddie Mac — “Treasury yields fell from a week ago, helping to drive rates on home loans down to start the year. Rates on 30-year fixed-rate loans fell 4 basis points from a week ago to 3.95% in the year’s first survey. Despite increases in short-term interest rates, long-term interest rates remain subdued. The 30-year rate is down a quarter of a percentage point from where it was a year ago and the spread between the 30-year fixed and 5/1 adjustable rate loans is the lowest since 2009. With the FOMC minutes showing continued support for gradual increases in rates and inflation rates remaining low, there isn’t much upward pressure on long-term rates at the moment. Whether that changes due to a tighter labor market and the economic impact of tax reform remains to be seen.” 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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