Mortgage Rates Still Dropping!

By
Real Estate Agent with Hallmark Realtors

If you don't already own your own home in Union County, mortgages have never been cheaper. File:Mortgage-debt.jpg

Freddie Mac just announced record breaking low rates. For a 30 year fixed rate mortgage, the rate is 3.62%. For a 15 year fixed rate mortgage, the rate is 2.89%. To help you figure out how much that means on the home you want to buy, use a mortgage calculator like this one.

But that's not even the best news! Some banks offer homebuyers the option to pay points on their mortgage for an even lower rate.A point, which is equal to 1% of the loan amount, could lower your mortgage rate as much as .25% on a 30 year loan,  reducing your monthly payment and saving you thousands over the lifetime of the loan.

All great news for those of us who are looking to buy a home. And for those of use looking to sell their home, low mortgage rates mean more buyers out there looking at your home.

Will this last forever? Who knows. But there's one more piece of news that's important to know.

HFile:Mortgage-green-bay.jpgome prices in 20 major markets rose in April for the first time in 7 months, according to CNN Money. The increase was 1.3% nationally which puts home prices back to where they were in early 2003 but still 34% below where they were at the summer 2006 bubble.

How does that impact buyers and sellers? This may mean the beginning of the end of the "Buyers' Market." The drop in mortgage rates may increase the number of buyers out there, and the increase in homes will increase competition for houses. Here in Union County, we've seen the occassional bidding war and a few houses have sold above list price!

What is you want to get in the game but don't have enough money to play? Is there anything you can do? Check out what real estate advisor TZ has to say about that here

 

 

Posted by

 

 

 

~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

facebook  Pinterest  LinkedIn  Read Our Blog!

All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
New Jersey Union County
Groups:
New Jersey Real Estate Experts
Garden State Real Estate
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
All About NJ Real Estate
Tags:
home prices
freddie mac
mortgage rates
house prices
mortgage

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainer
405,885
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Good evening Wayne and Jean Marie. Just when you finish telling clients no way will it go lower.... anything to stimulate sales.

Jul 05, 2012 04:55 PM #1
Rainmaker
648,829
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

It certainly does seem that way, Randy! But who would have predicted mortgage rates this low?  I feel like we're always trying to read a crystal ball and predict the future!

Jul 05, 2012 05:28 PM #2
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the umbrella to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
648,829

Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
Want more information about Union County real estate?
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information