4.39% Mortgage Rates + Your Buyer Competition on Vacation = Opportunity for NJ Home Buyers!

If you are looking for a fantastic time to buy a home in Millburn or Short Hills or real estate in any of our Midtown Direct towns, now is the time to move quickly! Interest rates have decreased making you able to purchase New Jersey real estate for less or even qualify for more of a home in Chatham than you originally expected. The average 30-year fixed rate mortgage loan has dropped to 4.39%, the lowest rate since last November 2010. Even more exciting news is that buyer competition is really low due to vacations and that sellers want to sell now with the new school year approaching, to find their new homes before Fall. Freddie Mac also reported that an average 15 year fixed loan has decreased to 3.54%, as well. Regardless of your mortgage product, these rates create a great buying market for people who want to live in Midtown Direct New Jersey homes.
The national economic slowdown is partially responsible for this change in lending rates, however Frank Nothaft, vice president and chief economist at Freddie Mac found the silver lining and shared good news for home sellers, as well. “On a positive note, there were indications that the housing market is firming. Real residential fixed investments added growth to the economy in the second quarter after subtracting from growth over the first three months of the year,” Nothaft said. ” The CoreLogic® National House Price Index rose for the third straight month in June (not seasonally adjusted) and was the first three-month gain since June 2010. Finally, pending existing home sales rose for a second consecutive month in June and was up nearly 20 percent from June 2010 when the housing tax credits expired.” So whether you are a buyer or a seller, this could mean great news for you and our local New Jersey housing market.
For up to date news on the mortgage industry, click here or email me your question. I’ll be sure to fill you in on what you need to know when purchasing or selling your New Jersey home!