From Mortgage Professional:
Mortgage rates continued their steady climb through the week ending May 24 to reach their highest level since May 5, 2011, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage averaged 4.66%, with an average 0.4 point, up from the previous average of 4.61%. The latest average also marks an increase from the 3.95% average a year ago at this time.
The 15-year fixed-rate mortgage averaged 4.15%, with an average 0.4 point, up from 4.08%. A year ago at this time, the mortgage averaged 3.19%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage was 3.87%, with an average 0.3 point, an increase from the previous 3.82% average. In the year ago period, the mortgage averaged 3.07%.
“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” Freddie Mac Chief Economist Sam Khater said. “Through May, rates have risen in 15 out of the first 21 weeks (71%), which is the highest share since Freddie Mac began tracking this data for a full year in 1972.”
Is this rate rise significant since grim has posted studies showing a lack of correlation between rate rises and housing prices.
Nearly half of recent NJ home buyers don’t get a mortgage. Interest rates matter less in NJ today.
Yo I would think that for these suburban 3/4 bedroom houses in middle to upper middle class towns most are still getting mortgages.
Is this rate rise significant since grim has posted studies showing a lack of correlation between rate rises and housing prices.
It’s positive for continued real estate price increases.
or
It’s negative for continued real estate price increases.
Pick one, it’s 50/50.
Democrats complaining about Republicans increasing taxes.
Are they mad because they didn’t get to do it?
http://www.nj.com/politics/index.ssf/2018/05/top_democrat_says_trump_tax_reform_hosed_njs_rich.html
Murphy preaches income equality. All the progressive puppets do. If you’re drunk and asleep at 11:00 AM, how do you preach equality when the other guy is up at 5:00 AM and getting ready for work? If you’re a lazy slob, why should you be handed anything?
Mix? All you need care about is the rise in the price of YOUR home or any real estate that interests you correlated to rising rates……. since we are not foreign nationals here, inherited money, inherited real estate and/or starter home types, interest rates DO matter…….
Hold my beer says:
May 29, 2018 at 7:32 am
Is this rate rise significant since grim has posted studies showing a lack of correlation between rate rises and housing prices.
Treasuries rallying on Italy Euro fears a little breather for mortgage rates for those who fear being locked out of the housing market forever.
Interesting.
Because of #GDPR, USA Today decided to run a separate version of their website for EU users, which has all the tracking scripts and ads removed. The site seemed very fast, so I did a performance audit. How fast the internet could be without all the junk! 🙄
5.2MB → 500KB
Tax the robots.
Now I have to figure out what to do with all my MSCC money. I might just buy 13 week treasuries and take a few months off.
“Nearly half of recent NJ home buyers don’t get a mortgage.”
If this stat is true it may frighten me much more than comfort me…..
“feedback is unlikely to move the powerful south Jersey Democrat [Sweeney], whose opposition to the millionaires tax puts him squarely at odds with Democratic Gov. Phil Murphy…”
Watching Sweeney fcuk with Murphy for his entire term may actually be worth the price of admission….
I didn’t really need a mortgage but the low rate(3.625%) and the tax deduction means I can pretty much invest in pretty much anything and put my money to better use, also who doesn’t want a big cash cushion. I can see among the really wealthy they’d go sans mortgage but I cannot see how it’s 50%. The really wealthy can typically borrow against other assets at a better rate than a mortgage, lower their closing costs and have no intention of waiting 30 yrs to pay off their homes.
@foxandfriends
Several blue states reporting major surges in tax revenue
https://twitter.com/foxandfriends/status/1001472228951756800
(NJ Not on the list….)
Several blue states reporting major surges in tax revenue
Thank you, President Trump!
“Harvard gives Hillary Clinton award for ‘transforming society’ — even when you lose you get a trophy”
https://www.yahoo.com/news/m/3d89bb50-b58d-3cb5-a426-d26c5c84d032/ss_harvard-gives-hillary-clinton.html
LOL! Omg, this is too rich!
Catching up here.
First, I told my wife I had the same opinion that Rob Schneider has about SNL beating Trump into a pulp every single week. I don’t watch SNL anymore, but I do catch Gator watching the prior weekly anti-Trump skit every Sunday Morning. Until Trump, I don’t ever recall SNL having a presidential sketch every single week. And it’s the same joke, over and over and over and over. Does SNL even get ratings anymore? I looked and it just got a 4.1 share. Historically, it had between a 7 and 8 share with peaks around 13. It is now at its lowest ever.
2. Jersey City gentrified so much and built-up so much since I lived there that I really didn’t recognize hardly anything. Without a GPS, I would have gotten lost on roads I used to know like the back of my hand.
3. Interest rates don’t hurt renters too much. Lord knows they don’t save and they need not take out any loans except for new iPhones.
2 – I’m beginning to think that Newark realistically represents a JC spillover market.
With Harrison as the PATH Station in between.
In the early 90s, we all used to come into school to talk about the SNL skits on Monday. I’ve never seen that happen in the 9 years I’ve taught
re: ” we all used to come into school to talk about the SNL skits ”
Well it is a 43 year old show their original tv viewer audience is either 6 ft under or asleep in bed at 11:30 pm on the East coast.
From Nielsen data streaming eats away every quarter to traditional TV viewing.
“Both teens and young Millennials have seen their traditional TV viewing evaporate by more than 40% over the past 5 years, with teens down by almost half”
Teens’ traditional TV viewing time fell by almost 20% in a single year;
Even older Millennials are getting in the act, with almost one-third of their traditional TV viewing gone over the space of 5 years;
The oldest bracket (65+) watched less TV for just the third quarter in the past 20.”
Without further mergers, like Comcast and ATT etc they will continue to shrink.
Who watches network tv? It’s impossible to stream it.
No cable cutters watch network tv.
SNL might consider moving to Netflix or YouTube if they want to stay relevant.
it’s also not a funny show anymore. Who is even on it at this point and to Stu’s point nobody wants to hear about these politicians constantly. A big part of the potential audience doesn’t care about politics.
PA spending big bucks on the Harrison PATH station.
Is Harrison path near anything? I thought it was in the industrial wasteland.
That’s why I think Newark has better positioning.
That said, I’ve never been in downtown Harrison.
NBC and affiliates have decided to fill the niche of most consistent “resist” media company.
SNL has become pretty much unwatchable for anyone but teens and twentysomethings craving Obama-Clinton love.
Someone show me the SNL clips with the biting critiques of Obama’s 8 years.
The one clip that even came close to criticizing him drew howls of outrage from the social justice crowd. (The Obama School House Rock parody in 2014)
Actually funny: watching Norm McDonald clips on youtube.
Grim,
What you are missing is politics. Harrison is a smaller, which makes it more deal making malleable with Hudson County flavor.
Newark is same or more corrupt, with many more players that want a piece of the action. You got Joey D & Essex Machine, Newark Machine and its different ethnic power brokers demanding a vig.
grim, harrison is rapidly developing for 2 big reasons. First it is a post industrial wasteland. meaning there are big parcels available for redevelopment. The seconds is crime, outside of the Ironbound Newark has a crime problem and a series of quality of life issues that make it somewhat less desirable as a place to live. That being said it is only a matter of time before it develops into hipster disneyland. There is simply too much infrastructure and convenience to NYC to remain fallow forever.
Some of the cable cutters I know combine streaming with a high def antenna.
grim says:
May 29, 2018 at 12:10 pm
Who watches network tv? It’s impossible to stream it.
No cable cutters watch network tv.
SNL might consider moving to Netflix or YouTube if they want to stay relevant.
“Is Harrison path near anything? I thought it was in the industrial wasteland.”
You need to go catch a soccer game and catch up. Industrial wasteland no more. Every single rotted out old factory building has either been converted into a condo or a parking deck that serves a neighboring condo. If you recall, all of Chrisitie’s friends were told of the huge PA project before the public was and they swooped up all of those abandoned buildings and industrial wasteland cheap. And now that all of the wasteland south of the tracks have filled up all the way to the ironbound. The empty lots north of the tracks are filling up. Just outside the station there is now a huge Westin (boutique hotel) complete with German architecture. Retail includes an Ah-Pizz, Dunkin, 5 Guys, a wine store, a sushi joint and a couple of other foofy shops. No vape shop yet though. South and west of the arena there’s the huge Steel Works apartment complex with 1,000 residences. They even named the district the River Bend district. Unfortunately, when there is a Southerly wind, you get to smell that river and it’s not pretty. Especially during a dry spell. Harrison is really getting close to being built out. Like Jersey City, lots of the old taverns and small homes that have existed there since the 40s and 50s are selling out. Can’t blame them. The millennials are coming.
Ah Pizz is very good.
As lib said Harrison is booming the difference in one year is amazing! Development everywhere!
@MonmouthPoll
NEW JERSEY POLL: Top issues facing NJ?
45% PROPERTY TAXES
25% other taxes
16% education
14% jobs
14% economy
14% transportation infrastructure
12% crimes/drugs/guns
Was in South Philly yesterday. Hipster takeover is complete. They even took over the Italian Market.
They even took over the Italian Market.
Muzz is out, THC oil is in. :o
It’s more like Mozzeralla sticks out. Grilled cheese made with gruyere, smoked brisket, avocado dust and heirloom tomato slices in.
Last week, Census released 2017 population estimates at the municipal level. Harrison +29.8% since 2010, by far fasting growing municipality in the state. Maurice River was last at -16.5% but that number includes a lower inmate population.
“If being “white” makes me a racist, then don’t be a hypocrite and judge me for how i was born”
The garden state mall in Paramus redid their food court to make it look like Brookfield place in lower Manhattan. They want to make it a destination spot for millenials. I ran that by my millenial kids and they just gave me the look. You know that look that says not going to happen.
Retailers will adjust and transition, might take a few tries, but they will eventually get it.
Just like nj, it’s transitioning right before your eyes. Those suburbs you crow about will eventually transition to dense urban settings. Only a matter of time.
3b says:
May 29, 2018 at 1:33 pm
The garden state mall in Paramus redid their food court to make it look like Brookfield place in lower Manhattan. They want to make it a destination spot for millenials. I ran that by my millenial kids and they just gave me the look. You know that look that says not going to happen.
Roseanne cancelled.
It may not happen, but if it delivers, watch the millennials part with their money. They are the most bizarre combination of cheap and simultaneously money wasting…… so odd…
3b says:
May 29, 2018 at 1:33 pm
You know that look that says not going to happen.
Roseanne cancelled
The same thing with Last Man Standing, goes against the left mantra. But the View and late night shows are still on.
One un-pc joke and your #1 show gets cancelled.
But make a movie about a 17 year old guy jizzing into a peach, and a 24 year old guy sucking the jizz out of the peach, as foreplay for a exual relationship, and you get standing ovations and an academy award.
Hollywood has some perverse priorities.
This is why South Park hasn’t been that funny the last few years. Comedy is hog-tied by the PC principals.
“Those suburbs you crow about will eventually transition to dense urban settings.”
Sounds like pure living hell. How shitty will it be when NJ looks like Bedford-Stuy.
This would work for me.
https://www.point2homes.com/CR/Home-For-Sale/Guanacaste/Beach/Playa-Samara/Samara-Beach-Guanacaste-Costa-Rica/58149010.html
Here’s the beach.
https://goo.gl/maps/Syvb9HXjm7x
Chgo could be. I just don’t see millenials chillin in Paramus. You can’t go from bar to bar or food station to food station in a mall I would guess. That sounds pretty lame to me if that word is still used. And that’s what my kids thought as well.
ooooooooooooooops….
Abbott y’all…
https://www.northjersey.com/story/sports/high-school/track/2018/05/28/njsiaa-investigate-nj-schools-accused-fake-track-field-results/650256002/
ABC just cancelled the “Blue Wave”.
The Original NJ ExPat says:
May 29, 2018 at 1:58 pm
Roseanne cancelled.
Timberrrrrr! (Stock Market now)
Many pension funds for public workers already owe far more in retirement benefits than they have in the bank, and the problem will only grow worse if the economy slows down, according to a report released last week.
The study from The Pew Charitable Trusts found that the New Jersey and Kentucky public pension funds are in such perilous shape that they risk running dry
“they risk running dry”
It won’t run dry. Murphy says they’ll actually do better than previously expected. Pumps too.
Will be interesting to see the impact on Bergen County malls after American Dream is up and running. I’m surprised Bergen County’s heavyweight mall landlords didn’t do more to protect their billion dollar properties from Triple 5.
Does the Westfield brand mean anything in Bergen County. Westfield is selling all its real estate to a French-Dutch company who believe Westfield has famous name and will even us the Westfield brand for their European malls. I thought that sound odd – if the Westfield brand doesn’t mean much in English speaking Bergen County, then certainly means nothing in continental Europe.
Lib,
Nj taxpayers have been subsidized by the govt workers you hate. The taxpayer has borrowed over 40 billion in 20 years from these workers. If the state had made its contributions, the funds would be solvent. So why do you blame the workers? Why do you buy into the crap that the funds are insolvent because they are too generous, so the compensation must be reduced? You are buying right into the politicians plan of throwing govt workers under the bus. Yes Mr. politician, it’s all the workers fault! Get them! Take away their stuff, they are overly compensated and have put this state in debt!
Such talking points are used to manipulate the general public.
“Over a 14-year span, Republican governors underfunded the pension system by $2.6 billion, then Democratic governors did so by $10.2 billion. The Christie administration promised to fix the problem, but instead made it worse by underfunding the pension system by $17.5 billion in its first six years — and a projected $23.7 billion by the time the governor’s term ends in January 2018
Every year that the pension system goes underfunded, the long-term cost of fixing the problem grows exponentially.
It would have cost only $1.1 billion a year to restore the pension system to full funding when Sweeney first flagged the problem in 2005. Five years later, at the end of the Corzine administration, it would have cost $2.5 billion. It would have cost over $4.5 billion by 2018 when the seven-year ramp-up to full funding was to have been completed under the bipartisan 2011 pension law.”
http://www.nj.com/opinion/index.ssf/2016/01/the_truth_about_njs_pension_crisis_and_how_to_fix.html
#flabmax #therealflabmax #elite140
https://nypost.com/2018/05/29/suspect-in-graveyard-swastika-spree-charged-with-hate-crimes/
How much more do you want these workers to give? Cola was a huge giveaway. I can’t morally get behind taking even more from these people.
“As a result, the commission was forced to recommend that virtually the entire cost of the $40 billion shortfall caused by two decades of state underfunding come out of massive cuts in health benefits for all public employees — including police, firefighters and county and municipal workers whose pensions are solvent. Additionally, it said local governments would be required to hand over the savings to the state to go into the state pension systems.
That recommendation ignored the fact the 2011 law already achieved $121 billion in employee and retiree benefit savings over 30 years — an average of $4 billion a year — by requiring public employees to pay thousands of dollars a year more toward their pensions and health benefits, raising the retirement age, and eliminating cost-of-living increases for retirees for decades.
If you don’t think that’s significant, ask someone on Social Security how they would react if Congress tried to eliminate their COLA increase for the next 30 years.”
Put the criminals that fraudulently negotiated these impossible to deliver benefits in prison.
Where did all these savings the workers gave up go? They are being robbed blind! Gave it up and the pension is even in worse shape 7 years later. Talk about being taken for a ride by Christie.
Do the math….40 billion over 20 years at 7 or 8 percent avg return. How much is the fund in debt? Whatever it is, pretty sure it would be close to covered.
grim says:
May 29, 2018 at 4:26 pm
Put the criminals that fraudulently negotiated these impossible to deliver benefits in prison.
re: I’m surprised Bergen County’s heavyweight mall landlords didn’t do more to protect their billion dollar properties from Triple 5.”
They have had 16 years too…
Triple 5 are building this newer mall on the backs of billions of dollars lost already and they are getting government backed bonds to do it. They should have gone under too if it wasn’t for Gov Christie and the 800 million in new bonds he provided.
I would not be surprised if he shows up down the line at some cushy job.
Politicians can’t be trusted with defined benefit pensions.
ABC is going to need to monkey around with their schedule or at least rejigger-rig it.
Politicians and public unions can’t be trusted, period.
Can you do the math?
The Great Pumpkin says:
May 29, 2018 at 4:31 pm
Do the math….40 billion over 20 years at 7 or 8 percent avg return. How much is the fund in debt? Whatever it is, pretty sure it would be close to covered.
grim says:
May 29, 2018 at 4:26 pm
Put the criminals that fraudulently negotiated these impossible to deliver benefits in prison.
@StephenKing
Harassers like Charlie Rose and Matt Lauer?
Gone in a wink.
Yet President Donald “I moved on her like a bitch” Trump keeps his job, apparently with the approval of the Christian right. Double standard much?
@PaulKrugman
Hey, Roseanne Barr is only worth $80 million,
and was being paid only 250K per episode.
So her tweets were clearly driven by economic anxiety
@molly_knight
Roseanne’s network wanted to showcase the average Trump voter.
And that’s exactly what they got.
Harrison path is great.
takes about 25 min to be parked from western/central essex and then to downtown NYC in another 30
The shortfall is TWO HUNDRED BILLION. It’s not 40 billion. Only a Union Cheerleader would make believe the number was 40 billion. I have not looked at the opinion piece you linked to, but I can 100% guarantee, without looking, that it is written by a person who never got paid a penny in the private sector. Now I shall go and take a look.
Mark J. Magyar is policy director for the New Jersey Senate Democratic Office. A former Statehouse reporter, he served as senior policy adviser to Republican Gov. Whitman and the independent Daggett for Governor campaign, and taught Labor Studies at Rutgers University.
So dumbass pumpkin? To make up a TWO HUNDRED BILLION SHORTFALL on THIRTY EIGHT billion dollars of tax revenue. Tell me oh brilliant one. HOW MUCH must Murphy contribute and WHERE is he going to cut if from?
Until then, shut your dumb fukcin’ mouth. The Dems in the assembly aren’t stupid enough to raise corporate taxes or millionaires taxes because, well? Guess who the fukc pays for their campaigns. Guess who flies them to vacation spots? Guess who caters their $100/plate fundraiser parties for free? Meanwhile, NJ barely participated in the recovery from the great recession. And you want to drive more wealth and businesses out of the state.
Here’s a question for you dumbass? How much did tax revenue increase during the CC years? How much did the unfunded liability ratchet up? WHERE IS THE MONEY GOING TO COME FROM?
Until recently, ALL of Trenton’s greatest promised out-sized benefits in exchange for the union endorsements. And it worked! Why? Cause it’s one gigantic Trenton Teet sucking voting block. And in many cases, especially with cops and firemen, the salaries were through the roof too. And no one said boo. Not until the promises could not possibly be paid for without wrecking the corrupt state even more than it currently is.
Little by little, the union made a few tiny concessions. But never enough to put a dent in the giant hole. And always, all concessions were for the last hired. Never enough. And of course, there is huge amount of teachers compared to fire and police, so that’s where the cuts have the greatest bite by far. Meanwhile, Joe trooper and Bob fireman retire in 20 years at 110K collect a pension and become code warrriors where they make similar dough, collect a second pension and barely lift a finger. One guy I know is on more than one full-time payroll. I kid you not.
Now here’s the final truth. The HOLE IS TOO BIG. A smart governor would win the race to the federal bankruptcy trough. Instead, ours is making absolutely sure we get there quicker by scaring away future business prospects and making enemies with the feds.
So tell me. WHERE IS THE MONEY GOING TO COME FROM? Otherwise, shut your pie hole.
None of Pumpkin’s many degrees had any sort of math proficiency requirement. That’s because he’s the Dean of Stupid U.
8:11 — Lib my brutha. If I may be so bold.
After the Tech Crash I started public sector work.
I invested 14 years in it and have a modest pension that would be great in a place like Costa Rico or Kentucky….when I left I claides out my accounts and said i’ll Be back for you in 10 years. Was in my mind a risk to invest any more time in public work, if the retirement account was in such disarray. Too many private firms have already cut off retirees cold.