Mortgage Rates
Being in the Mortgage industry for over 20 years, it still amazes me how unpredictable mortgage interest rates can be. At the end of 2015, the fed increased the discount rate and it had no effect on mortgage interest rates. You would think with republicans receiving a mandate in the recent elections, the mortgage rates would be flat or lower. Well guess what happened? Rates have gone up and are now near 2 year highs crossing 4%. It will be very interesting to see if mortgage rates will continue to rise after Trump takes office. It is my opinion that the Real Estate Market is still kind of flat in most markets and if anything, there is room for rates to go back down again

In my last newsletter I had mentioned the comeback of mortgage programs such as no PMI loans and the 80-10-10 program for those putting down 10%. We now have a no income verification program for Self employed borrowers. Need to have good income and bank proof of funds is required. The mortgage market seems to be loosening up and that’s good news for all.

On November 19th, we had a standing room only Free Home Buyer Seminar at the Holiday Inn on Davidson Avenue in Somerset. All attendees received a $1,000 closing cost coupon, a home buying workbook and free lunch. There were many speakers including a Title Insurance Attorney, Credit Reporting specialist, Foreclosure expert, short sales expert and myself. There is another one scheduled at the same venue in January. You can find more information and registration at www.HomeBuyer-Seminar.com. We would love to see you there. Feel free to invite your family and friends. Its not just for first time home buyers. Many participants that have previously purchased homes in the past find it helpful and recommend it to others that have already purchased a home and looking to purchase another in the future.

As I mentioned, rates have crossed 4.25% for many lenders. We are still under 4%

Currently our rates for Home Buyers are as follows:
Conventional 30 Year Fixed 3.875%
Conventional 15 Year Fixed 3.125%
FHA 30 Year Fixed 3.25%

Our rates continue to be as much as .375% below the rates of our competitors. Rates are currently are approaching 2 year highs. That being said, its still a GREAT time to be purchasing property.

Real Estate Market
The New Jersey Association of Realtors recently released statistics for the Month of October. As we approach the of the end of the year, we have some solid data to consider although I am anxious to see what happens after Trump takes office. 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.

The stats above suggest that it’s pretty much a flat or balanced market. Perhaps a good time for both buyers and sellers.