Seller

As a potential homebuyer, monitoring mortgage rates is likely a priority for you. Recently, these rates have seen significant fluctuations – from historic lows to dramatic increases, and now a slight decrease. But what drives these changes? The factors influencing mortgage rates are diverse and complex. Let’s explore a couple of the most significant ones. Inflation and the Role of the Federal Reserve Although the Federal Reserve (commonly known as the Fed) does not set mortgage rates directly, its actions significantly influence them. The Fed adjusts the Federal Funds Rate in response to inflation, economic conditions, and employment rates, among […]

For homeowners contemplating selling but hesitant due to previously high mortgage rates, the current downward trend in rates is a welcome development. Since peaking at 7.79% last October, mortgage rates have consistently stayed below 7% for over a month (refer to the accompanying graph): While rates may not return to the exceptionally low 3% of the past ‘unicorn’ years, they are anticipated to decrease further in the near future. Dean Baker, Senior Economist at the Center for Economic Research, notes: “It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although

In the last year, the topic of housing affordability has been a major point of discussion, with many noting its increasing difficulty. However, there has been some recent easing in this area. A key factor in this change is the reduction in mortgage rates since their peak in October. But, understanding home affordability goes beyond just looking at mortgage rates. To fully grasp the concept of home affordability, it’s essential to consider a trio of critical elements: mortgage rates, home prices, and wages. Here’s an in-depth look at the latest trends in each of these areas, shedding light on why

As we step into 2024, it’s essential for homebuyers and homeowners in New Jersey to stay informed about the current mortgage interest rates, recent trends, and what to expect in the year ahead. Here’s a detailed look at the mortgage landscape in New Jersey, using up-to-date statistics and facts. Current Mortgage Interest Rates in New Jersey As of January 1, 2024, the mortgage interest rates in New Jersey are experiencing a period of fluctuation. The current interest rates listed on Bankrate.com stand at 7.00% for a 30-year fixed mortgage and 6.35% for a 15-year fixed mortgage. These rates reflect the