Interest Rate Update in the Beach Haven West NJ Real Estate Market
Beach Haven West NJ Real Estate
Buying a home in the Beach Haven West real estate market is no small investment! There are many factors to consider when making such a life-changing decision and you want to make sure you understand all aspects of the transaction. Apart from the obvious like home style and location, there are things to consider like flood insurance, bulkhead condition and the current interest rate amounts. Even small changes to the current mortgage rates in the Beach Haven West real estate market can have expensive and long lasting effects on the affordability of your home in Beach Haven West. Beach Haven West NJ Real Estate Mortgage Interest Rates should be understood by all buyers looking for a home in Beach Haven West.
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Beach Haven West NJ Real Estate Mortgage Interest Rates
Rates on home loans rose again in the past week which was largely expected. For the week ending February 15, Freddie Mac announced that 30-year fixed rates increased to 4.38% from 4.32% the week before. A fixed rate primary or second home mortgage remains a very popular lending option in the Beach Haven West New Jersey real estate market. The average for 15-year loans, also commonly seen in Beach Haven West, rose to 3.84% and the average for five-year adjustables climbed to 3.63%. A year ago, 30-year fixed rates averaged 4.15%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “Wednesday’s Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January — two tenths of a percentage point higher than the consensus forecast. Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent. Rates on home loans have also surged. After jumping 10 basis points last week, 30-year fixed-rates rose 6 basis points to 4.38 percent, its highest level since April 2014.” 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. Beach Haven West is more susceptible to interest rate changes than a market like Long Beach Island so it is important for both buyers and sellers to keep an eye on the market.
Buying a Home in the Beach Haven West 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 Beach Haven West 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 in the Beach Haven West Real estate market or elsewhere. For more information about buying a home in Beach Haven West please do not hesitate to contact us.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
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