LBI NJ Real Estate Mortgage Interest Rate Update
Long Beach Island Real Estate Mortgage Rate 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
Nationally. rates on home loans continued to follow long-term rates higher. For the week ending January 18, Freddie Mac announced that 30-year fixed rates increased to 3.04% from 3.99% the week before. Many buyers in the LBI real estate market look for this conventional 30 year fixed mortgage so it is an important trend to following when considering a purchase in the LBI real estate market. The average for 15-year loans rose to 3.49% and the average for five-year adjustables was unchanged at 3.46%. These products are also common loans on Long Beach Island. Especially true of the longer term adjustable rate mortgages. A year ago, 30-year fixed rates averaged 4.09%, slightly higher than today’s level. Attributed to Sean Becketti, chief economist, Freddie Mac — “Some may be wondering if this is the last time we’ll see a three handle on 30-year fixed rates. Never say never, but inflation is firming, and the Federal Reserve’s Beige Book indicates broad-based economic growth and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate, is building.” 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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