Mortgage Rates have inched up over the last several months in anticipation of the Federal Government reducing the level of bond purchases. Bond purchasing is the reason that mortgage interest rates are at historic lows. Luckily, the Federal Government recently announced they would temporarily continue their current pace of purchasing bonds until the economy was stronger. This is great news for any buyer in the process of purchasing a home. And rates may actually have decreased (4.50 to 4.37) slightly from higher numbers after the announcement.
The window of opportunity is still open right now, but it is still expected to close in the very near future. Most experts predict the Fed to taper the bond purchases in December, which will cause the related mortgage rates to begin to tick up.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The impact this will have on the monthly principal and interest payment on a $250,000 mortgage is approximately $140. per month, which can severely impact your purchasing power!
Find out what's happening in Manasquan-Belmarfor free with the latest updates from Patch.
Smart buyers may want to take advantage of the current window of opportunity before it is too late!
Source: The KCM Blog, 9/30/13
Find out what's happening in Manasquan-Belmarfor free with the latest updates from Patch.
Pat Linde-Neidermeyer, Veltri Realtors, Spring Lake
Call: 732-598-8348
NOW HERE'S This Weeks Closed Sales for our Area
BRADLEY BEACH
116 Newark Ave $510,000
LAKE COMO
2000 Margerum Ave $450,000
MANASQUAN
24 Fletcher Ave $825,000
SPRING LAKE HEIGHTS
1206 Wall Rd $659,000
SPRING LAKE
301 Pitney Ave $2,200,000
WALL
2114 Baileys Corner Rd $550,000; 1516 Walnut St $552,500
1200 Magnolia Ave $585,000; 2304 Ramshorn Dr $749,900
2354 Macintosh Dr $830,000; 1114 Laurel Ave $1,035,000
All closed sale prices listed are as submitted and recorded by the Monmouth Multiple Listing Service. Not responsible for typographical errors.
