New
Jersey Mortgage Rates;
It looks like the New Jersey housing market has finally peaked and the double digit price increases of recent years is over. The number of unsold homes on the market is still dropping which means that buyers are taking advantages of lower prices. The wider economy in New Jersey is looking strong with more job creation, low unemployment and rising wages.
This is all good news for the housing market.
Houses are becoming more affordable and the market seems to be stabilizing. Buyers will be able to enter the housing market after years of high prices and this will filter through to the rest of the market as existing home owners move up the property ladder. So we can expect a period of stability while the market corrects itself. Sellers will need to be realistic about their asking prices and buyers will have more choice and must be prepared to negotiate hard to get the right price.
Below are examples of rates being offered.
For loans up to $417,000
30 Yr Fixed : rates from 5.625% to 6.250%
15 Yr Fixed : rates from 5.375% to 6.375%
1 Yr ARM : rates from 5.125% to 6.75%
3/1 ARM : rates from 5.125% to 6.5%
5/1 ARM : rates from 5.25% to 6.125%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 5.875% to 6.5%
15 Yr Fixed Jumbo : rates from 5.625% to 6.250%
1 Yr ARM Jumbo : rates from 5.375% to 6.5%
3/1 ARM Jumbo : rates from 5.375% to 6.975%
5/1 ARM Jumbo : rates from 5.5% to 6.625%
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Major New Jersey
Cities;
Atlantic City
Camden
Cherry Hill
Ocean City
Union
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