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 trended higher in the last week as stocks fell back in response to increased trade tensions. While it is important to follow interest rates, the pullback from the stock market can actually be more impactful for the LBI NJ real estate market as many buyers in this market have their funds invested. For the week ending June 21, Freddie Mac announced that 30-year fixed rates decreased to 4.57% from 4.62% the week before. The average for 15-year loans fell to 4.04% and the average for five-year adjustables remained at 3.83%. A year ago, 30-year fixed rates averaged 3.90%. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Rates remained mostly tranquil heading into the first week of summer, declining five basis points to 4.57 percent. After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March. However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year. This indicates that persistently low supply levels, and not this year’s climb in rates, are handcuffing sales – especially at the lower end of the market. Home shoppers can’t buy inventory that doesn’t exist.” This is very true on Long Beach Island as there are far more buyers for “good” homes than there are homes available.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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