Rates

Mortgage Rates in New Jersey

/ Stacy Schnell

Current rates in New Jersey are 4.081% for a 30-year fixed, 3.587% for a 15-year fixed, and 4.017% for a 5/1 adjustable-rate mortgage (ARM).
Mortgage Rates See Biggest One-Week Drop in a Decade. Mortgage rates fell more in the past week than they have in any one-week period in more than a decade. The average 30-year fixed loan has dropped 22 basis points to 4.06%, while 15-year fixed loans are down 14 basis points to 3.57%, according to Freddie Mac.Mar 28, 2019
Compare today’s average mortgage rates in the state of New Jersey. Bankrate aggregates mortgage rates from multiple sources to provide averages for New Jersey.

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Mortgage Updates

/ Stacy Schnell
Rates remained unchanged this week and do not appear to be heading back down to levels from a couple of months ago.
Please keep in mind that it is a good idea for buyers to get a second opinion on their rates and fees. With daily pricing being so volatile, some lenders are not in line with the market. I was able to lock in a client this week .375% lower in rate than another lender. 
In economic news, rising home loan rates coupled with a lean supply of homes for sale on the lower-end of the market pushed sales of new single-family homes lower in January. New Home Sales fell 7.8 percent in January from December, according to the Commerce Department, led by a 33 percent plunge in the Northeast. From January 2017 to January 2018, sales were down 1 percent.

Home prices continued to rise in December due in part to the continuing trend of high demand and a shortage of homes for sale on the market. The S&P/Case-Shiller 20-City Home Price Index rose 6.3 percent from December 2016 to December 2017.