Have you taken a look at mortgage rates lately? Today’s recently updated survey by Freddie Mac shows 30 year fixed rate mortgages as averaging 3.56%!
The fifteen year fixed rate mortgage is only 2.86% and adjustable rate mortgages are super low, too. The 5/1 year adjustable rate mortgage is coming in at 2.74% and the 1 year adjustable rate mortgage is 2.69%. Rates this low haven’t been seen in a long time.
As an agent, I can tell you plenty of reasons why any time is a good time to purchase a home. It’s all about your personal situation, the market, and what works best in your scenario. I know the local market and as such can share advice to help you find the best value no matter what the real estate market at large may be doing. However, with these record mortgage lows, there is no time like the present to buy, sell or refinance your home.
If you are in the market to purchase a home in the Maplewood, Millburn/Short Hills, South Orange, NJ area or refinance the home you currently own, it may be wise to lock in the current rate. As a potential seller, it may be wise to offer your home for sale while inventory is down and buying power is high. You may also consider transitioning your existing mortgage to shorter payment terms to take advantage of the historic lows on fifteen year mortgage rates.
Call me today to see if we can find you an NJ home you love so you can lock in this phenomenal rate. I can also refer you to a trusted lender, if you are seeking to refinance. If you can qualify, this may be the prime time to do so.