Morris County Home Buying in 2008, What About Mortgages

Well, here we are at the end of June 2008 and the New Jersey real estate market keeps perking along.  To be sure there is a lot of fear among the public that home prices will continue to decline.  That is quite possible, though it is good to keep in mind that even if home prices were to drop 10% if mortgage interest rates go up 1% your buying power is reduced by about 9%. 

 The lesson to be learned is that even if you hold out for a lower price on a New Jersey home but have to pay a higher mortgage interest rate, in the end your cost is about the same.

 Visit the bloodhoundblog for a update on the mortgage industry and the federal reserve actions.

If you are interested in Northern New Jersey Real Estate visit the Morris County NJ Real Estate source.