Mortgage Rates have inched up over the last several months in anticipation of the Federal Government reducing the level of bond purchases. Bond purchasing is the reason that mortgage interest rates are at historic lows. Luckily, the Federal Government recently announced they would temporarily continue their current pace of purchasing bonds until the economy was stronger. This is great news for any buyer in the process of purchasing a home. And rates may actually have decreased (4.50 to 4.37) slightly from higher numbers after the announcement.
The window of opportunity is still open right now, but it is still expected to close in the very near future. Most experts predict the Fed to taper the bond purchases in December, which will cause the related mortgage rates to begin to tick up.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The impact this will have on the monthly principal and interest payment on a $250,000 mortgage is approximately $140. per month, which can severely impact your purchasing power!
Find out what's happening in Howellwith free, real-time updates from Patch.
Smart buyers may want to take advantage of the current window of opportunity before it is too late!
Source: The KCM Blog, 9/30/13
Find out what's happening in Howellwith free, real-time updates from Patch.
Pat Linde-Neidermeyer, Veltri Realtors
Call: 732-598-8348
NOW HERE are This Week's Closed Sales for our Area
FREEHOLD TWSP.
70 Hazel Dr $278,000; 18 Topanemus Ln $315,000
9 Terrence Ter $340,000; 3 Beechwood Ave $345,000
34 Koster Dr $370,000; 62 Old Post Rd $461,600
1 Polo Club Dr $507,500; 445 Iron Bridge Rd $650,000
HOWELL
13 Bass Pl $179,500; 8 Belmar Blvd $195,000
445 Farms Rd $270,000; 216 Maxim Rd $320,000
24 Friendship Rd $414,000; 16 Coddington Ct $448,780
30 Woodview Dr $480,000; 2 Woodbine Ln $505,000
JACKSON
4 New Mexico St $219,000; 347 Toms River Rd $260,000
16 Robert Ter $269,000; 830 Miller Ave $297,000
146 Ross Ln $299000; 85 White Rd $325,000
8 Newbury Ct $355,000; 3 Morning Star Ln $398,500
4 Monterey Ct $451,000
All closed sale prices listed are as submitted and recorded by the Monmouth Multiple Listing Service. Not responsible for typographical errors.
