Interest Rate News and Fall Market Update
INTEREST RATE NEWS
If you are like me, you are probably wondering how you are being affected by the interest rate increases that the media has been reporting on recently. So I turned to Mike Jamison at Chase to get a little better understanding.
As it turns out, the Feds have been increasing rates since December 2015. Since then, the Federal Fund rate has risen by 2.25%. This has had a direct impact on Home Equity Lines of Credit rates, credit card rates and other short-term loan rates like auto loans.
However, during this same time the 30-year mortgage has only gone up on average by .5%-1% depending on the mortgage program. This is because the long-term 30-year loans are influenced by Mortgage Backed Securities. Without going into what they are and how they work, the point is that mortgage rates do not necessarily follow exactly what the Federal Reserve is doing with the short-term rates. Mortgage rates are still exceptionally low and now is still a good time to purchase or refinance.
If you are looking to purchase or refinance, give Mike Jamison a call or send him an Email or more details.
(609) 425-7284 [email protected]
SEA ISLE MARKET UPDATE
Inventory is still at an all-time low! There are only 103 units currently for sale in Sea Isle City. This has remained consistent since my Spring market update when the inventory was only 111. Here is some perspective on the sub-markets within Sea Isle City. There is only ONE bayfront unit currently for sale and only FIVE true beachfronts for sale (2 are condos and 3 are townhouses). In the beach block, there are only EIGHT condos and TWELVE townhouses currently for sale.
46 units are currently listed as UNDER CONTRACT. Click here to see more details on those units: https://bit.ly/2NQ8bf6
Please visit visit the "EXPERIENCE OUR LISTINGS" page to experience our inventory of properties for sale. There are a few very nice homes that have just hit the market and we expect to be putting a few more in the market in the near future, so be sure to check back!