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Teri Malone's Blog

By Tressa "TERI" Malone | Agent in 07090

Westfield, NJ Mortgage Rates Reach Historic Lows

Now is the time to buy! If you are in the market to buy a home in the Westfield, NJ area, there is no better time than now. Home prices are down and mortgage interest rates are at historic lows. The average mortgage rate in the United States recently dropped to its record low according to Freddie Mac's weekly survey of mortgage rates. The drop in interest rates is pushing housing affordability within reach of more home buyers.

Last week the 30-year fixed rate mortgage averaged 3.87 percent, which was down from 3.9 percent the week prior.  The rate on a 15-year fixed rate mortgage also saw a decrease to 3.14 percent down from 3.24 percent the week prior.  A year earlier we were seeing a 4.08 percent interest rate on the 15-year fixed rate loan.

Mortgage rates tend to follow the trend on the 10-year Treasury note which recently fell below 2 percent.  Many economists are expecting that interest rates may fall lower if the Feds would choose to launch another round of bond purchases.

If you are looking to buy or sell a home in the Westfield, NJ area, there is no time like now. Discover what it is like to work with a Realtor® who is on your side. Contact Teri Malone today at (908) 423-2792. Visit www.Westfield-Area-Homes.com or email Teri at Teri@Westfield-Area-Homes.com.    


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