Tax Appeals in the LBI New Jersey Real Estate MarketLong Beach Island Real EstateWhile most buyers are surprised at the relatively low property taxes on Long Beach Island, anything that
2014 Mortgage Rate Swings May Impact Home Buying
In 2013, increased mortgage rates resulted in decreased home sales, as shown in the graph left. This trend could continue in 2014, especially if there is a significant increase in mortgage rates.
Although mortgage rates are still at historic lows, Freddie Mac recently posted 30-year fixed rates around 4.48%, the highest rate since September 2013. This is interesting, given that the Fed assured us late in 2013 that it intends to continue its bond-buying stimulus program. The September 2013 spike in interest rates corresponded with speculation/indications that the Fed would taper the stimulus program.
Additionally, the interest rate for 10 year U.S. Treasuries has climbed up to 3%. In the past, the 3% threshold has signaled higher mortgage rates ahead.
These mixed signals leave mortgage consumers unable to anticipate where interest rates are going. We could see more rate swings in 2014 like those illustrated by the blue 2013 line at left. If this is the case, sellers should expect decreased demand as interest rates climb.
Read the Original Wall Street Journal Article Here: Mortgage Rate Swings May Mean “Bumpy” 2014 Housing Market
For more information on Real Estate at the Jersey Shore:
TEXT or CALL me at 732-887-4689 or visit rpileggi.vandykrealestate.com.
I grew up in Union County and moved to Long Beach Island in 2003. I loved living here so much that I got my real estate license in 2004 and have since helped many other people enjoy living and vacati....
Latest Blog Posts
If you have taken a drive on rt. 72 East going towards the Island and passed the Holiday Inn in Stafford Township you probably noticed the large looming playground being built!A great place to
Long Beach Island Real Estate Weekly Sales Update 2/10/2019-2/17/2019Long Beach Island Real EstateLBI NJ Real Estate Weekly Sales Update 2/10/2019-2/17/2019: With 127 changes to the MLS this week on