The Federal Reserve’s $1.25 trillion program has helped keep rates down, said Yosef. This is not a state of affairs that’s going to continue indefinitely... those planning on purchasing a home shouldn’t wait for the rates to increase.
Cherry Hill, NJ (PRWEB) April 7, 2010
Nationwide mortgage rates hold close to all-time lows, reports Valerie Yosef, the leading Realtor for Cherry Hill, NJ and Rittenhouse Square, Philadelphia. Rates continue to hover at 5% and below levels, with 30-year fixed mortgages at 4.875% and 15-year fixed rates at 4.25% as of March 26, 2010.
“The Federal Reserve’s $1.25 trillion program has helped keep rates down,” said Yosef. “This is not a state of affairs that’s going to continue indefinitely, however, especially with the program ending at March 31. Whether or not mortgage rates will jump after that is a matter of speculation, but those planning on purchasing a home shouldn’t wait for the rates to increase. Those who can make their move now should do so soon.”
Along with still-low mortgage rates, buyers also enjoy the advantages of competitively priced homes for sale. The median price for Cherry Hill homes for sale from December 2009 to February 2010, for example, decreased by 3.3% as compared to that of the same period in the previous year; with Cherry Hill foreclosures priced even lower.
“The market is very favorable for buyers here,” said Yosef, “and that is the case even in traditionally very sought-after neighborhoods like Rittenhouse Square in nearby Philadelphia. While the Rittenhouse Square real estate market hasn’t had to make dramatic price adjustments as compared to other areas in the country, current economic conditions have given rise to more accessibly priced options for buyers.”
Rittenhouse Square has been one of Philadelphia’s most desirable Center City neighborhoods since the Victorian era and is famous today for its luxury high-rises, remaining 19th century mansions, and upscale shops and restaurants. The township of Cherry Hill, which is approximately 20 minutes away across the Delaware River, is known for its family-friendly feel and serves as the cultural and economic center of South Jersey.
For more information on current mortgage rates, available homes for sale in Cherry Hill and Rittenhouse Square, and access to various community and real estate resources, visit Yosef’s site, http://www.ValerieYosef.com.