Mortgage Rates
Good news! Mortgage rates continue to be steady around 3.375% with no points for a 30 year fixed rate. Although pricing has increased and we touched 3.25% for the first time this year, rates are still steady. The Fed will meet in July and it will be interesting to see what they do with rates. Jobless claims dropped to a 43 year low. Keep in mind, even if the Fed increases rates, mortgage rates can stay the same.
Many programs that disappeared are back in play. No PMI loans and 80-10-10 loans are back. These buyer friendly programs are good for the housing market.
Currently our rates for Home Buyers are as follows:
Conventional 30 Year Fixed 3.375%
Conventional 15 Year Fixed 2.5%
FHA 30 Year Fixed 3.125%
Our rates continue to be as much as .375% below the rates of our competitors. Rates are currently at 3 year lows, a GREAT time to be buying.
Real Estate Market
The New Jersey Association of Realtors recently released statistics for the Month of May. As we approach the middle of the year, we have some solid data to consider. Let’s take a look at some year to date numbers for Single Family Homes in Central Jersey and how these numbers compare to last year.
| YTD 5- 2015 | YTD 5-2016 | Percent Change | |
| New Listings | 2,334 | 2,399 | +2.8 % |
| Closed Sales | 784 | 874 | + 11.5 % |
| Median Sales Price | $415,850 | $426,250 | + 2.5 % |
| % of List Price | 96.6% | 96.8% | + .2 % |
| Days on Market | 88 | 84 | – 4.5 % |
The stats above suggest that it is a seller’s market. With interest rates near all time lows, it is also a buyer’s market. Taking both into consideration….. The market is balanced well. It’s a good time for both buyers and sellers.