- Rates have been dropping since the first quarter of 2017. Analysts predicted 30-year fixed rates in the mid-4s, yet rates in the high-3s have prevailed. (Source: themortgagereports.com)
- Purchasing a house at 250,000 using a FHA loan with 3.5% down at 4.16% interest rate, would have a monthly payment of $1,157. With a 5.25% Interest rate, that payment increases to $1,380. (Amounts do not include taxes, insurance, or PMI. Source Realtor.com)
- Mortgage rates will rise - Though at historic lows, there are factors that play into current rates, such as support from the Federal Reserve and moderate economic growth. These may not hang around for long. (Source:ONQFinancial.com)
New Jersey home values have gone up 4.5% over the past year and Zillow predicts they will rise 2.5% within the next year. The median list price per square foot in New Jersey is $174. The median price of homes currently listed in New Jersey is $299,000 while the median price of homes that sold is $269,371.(Source: Zillow.com).
- Home prices are increasing - With Sellers markets forming in many areas around the country, homebuyers should act now before prices rise even more. (Source:ONQFinancial.com)
Rising Rents – With rents rising at around 3% growth each year, taking advantage of affordable homes right now can benefit you in the long run.