Categories
Princeton NJ News #GreaterPrincetonNJ Real Estate News

Mortgage rates may spike 30% next year

Mortgage rates may spike 30% next year, according to a new forecast

As if the housing market weren’t complicated enough these days, the Mortgage Bankers Association says higher rates are on the way—and homebuyers at the end of 2022 could be paying nearly 30% more for a 30-year fixed-rate mortgage.

A new survey from the MBA predicts 30-year rates, which hit record lows last July, will average 4% by the fourth quarter of next year. (That compares with 3.1% now.) It doesn’t look to be a short-term increase, either. Heading into 2023, rates could potentially go as high as 4.3%—a 39% jump from where they are today.

Source: https://finance.yahoo.com/news/mortgage-rates-may-spike-30-160021820.html

Are you looking to buy or sell a home in Greater Princeton New Jersey ?

Call me today to discuss your plans. I am a Realtor in Princeton, NJ and I am here to help you.

Categories
NJ Real Estate News Selling Home

Short Summary on Short Sales

freddie fannieThere are new rules and federal guidelines on short sales in New Jersey.  Basically:

  • If your loan is owned or securitized by either of the dominant conventional mortgage market players — Fannie Mae or Freddie Mac — you can expect a response within 30 business days, with a final decision taking no more than 60 days. t hear back during the first 30 days, the bank will be required to send you weekly updates telling you precisely where the holdups are and when they are likely to be resolved.
  • The mandatory timelines, which real estate and mortgage industry experts say should help speed up what traditionally has been a glacial process, are being imposed by the Federal Housing Finance Agency, the regulatory overseer of Fannie and Freddie in conservatorship.
  • Short sales, in which the lender or loan servicer agrees to accept less than the full amount owed by the borrower, represent an important alternative to foreclosure.
  • Although short sales can be complex and messy, and can take anywhere from several months to more than a year to complete, they are turning into a mainstay of the real estate market.
  • According to a report from the foreclosure data firm RealtyTrac, short sales jumped 33% in January compared with the same month the year before.
  • In 12 states — including California, Arizona, Colorado, Florida, New York and New Jersey — there were more short sales recorded during January than sales of foreclosed properties.