The Beach Haven Borough Council has adopted an ordinance prohibiting businesses in the municipality from distributing single-use plastic carryout bags. At the Aug. 13 meeting, Mayor
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
July 2018 LBI Real Estate Sales and Transactions on Long Beach Island NJJuly recovered some of the market losses LBI experienced in June 2018. Sales were as follows:Single Family Homes31 Sold