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  • Camille Haynes

Good News New Jersey Home Buyers: Interest Rates Hover Near Historic All-Time Lows

Some Highlights

  • Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.

  • Locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan.

  • Let’s connect to determine the best way to position yourself for a move in today’s market.

One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As NJ Governor Murphy begins to slowly reopen portions of New Jersey, moving forward in strategic phases, business activity will help bring our nation and region back to life. Many economists indicate a recovery should begin to happen in the second half of this year.

One of the main triggers of a housing recovery will begin with the historic low interest rates that has consistently remained in the 3% range for the past year. With the rates continuing to trend downward, this will definitely motivate prospective homes buyers in the Essex & Union County areas to actively shop.

We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride in our region for the next few months, but most agree that a turnaround will begin sooner rather than later.

During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential buyers and sellers in New Jersey put their real estate plans on hold. That time coincided with the traditionally busy spring real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your real estate plans back into play.

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