The Jersey Shore by Karl Hess: November 2017

The Impact of Interest Rates on Buying a Barnegat Home

Happy Family Buying a Home in Barnegat

Buying a Home in Barnegat - Low Interest Rates Have a High Impact on Your Purchasing Power 

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.92%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Here are all the homes for sale in Barnegat

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

Ocean County First Time Buyers Program

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments between $1,850-$1,900 a month.

Buyer Purchasing Power

With each quarter of a percent increase in interest rate, the value of the Barnegat home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house in Barnegat for your hard-earned money.

As always, thank you for your time and feel free to get in touch if you have any questions about buying, selling or investing in real estate in Barnegat. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 1 commentKarl Hess • November 29 2017 10:37PM
The Impact of Interest Rates on Buying a Barnegat Home
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