Happy Veterans Day!- Market Activity Picking Up More Now The Election Is Over.
HAPPY VETERANS DAY!
Here’s some good news as far as mortgage interest rates. After some midweek volatility in the markets, mortgage rates have eased down a bit across the board, creating a more favorable environment for buyers and homeowners. In addition, the Federal Reserve has reduced the Prime rate by 0.25%, now at 7.75%. While this doesn’t directly impact mortgage rates, it does benefit many home equity loans, credit cards, personal credit lines, and small business loans bringing some relief to those carrying variable-rate debt. Overall, borrowing costs have improved, making this a promising time for home buyers and homeowners alike. The average 30 year mortgage is 6.475% today with one mortgage point paid. FHA financing for a 30 year amortization is 6.125% with one point. VA Financing for the veterans is 5.990% on a 30 year mortgage with a point.
This past weekend and going into tomorrow we observe Veterans Day, we’re reminded of the importance of honoring those who have served our country and protected our freedoms. It was great to see all the parades in the area. I do not know about you, but I always had deep respect for veterans, and as I get older I find that I even have much more now.
My favorite NFL team the Philadelphia Eagles put me in a good mood tonight and handled the Dallas Cowboys with a convincing win, despite some turn overs. How bout those Cowboys? :).
The Eagles put the 2nd string offense in the game with 10 minutes left, resting up starters because they have a
quick division game this Thursday night with Washington. Should be a very close NFC East game coming up this Thursday.
It is raining tonight some as I write this email, glad to see the South Jersey region get some rain, even if just a little, too many days without it is not good for our South Jersey area. The weather is finally going to cool down some this week. We had a nice ride with great warm weather the last 4 weeks, before you know it Thanksgiving will be here!
The real estate market is still moving well, and I see more people calling now the election is over and getting back on track to buying and selling. Here to help with your real estate needs when you are ready.
Have a super week! Gary.