Mortgage Rate Update for June 8th 2023- Rates Down Some :)

The south Jersey Shore area is seeing still strong buyer activity with below market inventory for sale of homes and condos. In beach front communities such as: Ocean City, NJ, Brigantine, NJ, Margate, NJ, and Ventnor, NJ are still seeing bidding wars in certain price points. Luxury homes near the beach are still selling well but not at the fast pace when rates where 3 to 4% not too long ago. Mainland areas such as Egg Harbor Township, NJ 08234, Galloway Township, NJ, Somers Point, NJ, Linwood, NJ, Absecon, NJ, Mays Landing, NJ, Sweetwater, NJ, Hammonton, NJ and Northfield, NJ 08225 are still seeing usually fast sales of homes in 30 days or less in the $525,000 price range and below. The interest rates actually just went down some to an average of 6.71% on a 30 year mortgage. Some buyers can obtain lower rates depending on their credit scores and loan amortization payment schedule. One can click on the communities page on and select the town desired to see the latest market trends for that area.

Mortgage Rates Decline After a Three-Week Ascent

“Mortgage rates decreased after a three-week climb. While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.”

– Sam Khater, Chief Economist, Freddie Mac