Currently, Freddie Mac reported that the average rate for a 30-year fixed mortgage loan dropped to 3.49%, w
Housing Market
hich is the lowest it has been since October of 2016.
In the August 2019 “Housing and Economic Research Forecast,” the research team at Freddie Mac wrote the following: “Thus, we have adjusted our quarterly forecast for the 30-year fixed-rate mortgage to remain around 3.6% through the second quarter of 2020. We project the annual average to be 3.9% in 2019, before sinking to 3.7% in 2020.”
In most housing markets across the country, supply remains constrained, which will contribute partially to the increase in prices. Supply is being stifled by new construction’s shortage of skilled labor, limited buildable sites and the increased cost of materials due in part to the tariff war.
Inventory has increased a bit, nationwide, but not in New Jersey. In New Jersey, some markets are extremely tight. In addition, supply at the lower end of the price range is historically sparse, making it difficult for first-time buyers.
Nationwide, inventory of properties priced below $200,000 in July decreased 9.9% year-over-year, while New Jersey’s inventory has fallen by 12.9% or 5.2 months supply.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.