Northern NJ Market News

Joseph D. Charles, Jr | NJ Realtor

 

Rates Hit Highest in 9 months, Buyer & Renter Advice

Mortgage Rates


Today, mortgage rates hit the highest we've seen in 9 months. Thankfully we are still not near the 7% mark, so technically it's holding. It could be worse, like when it went up over 1% in a few months.


What I will say, if the rates were lower, there would be a lot more activity in the market, more people to bid against, and even higher prices.


If you're a buyer, it's not actually a bad time for you, especially if you find some homes that have been sitting for a few weeks. Go out and snatch them up!


Renter Advice


I realized I haven't been giving much attention to renters, so I want to give some advice to share. Renters are facing just as many problems as home buyers are. They're dealing with not the greatest options and high prices. Not only that, a typical rental in Northern NJ would need around 3.5 times the monthly rent before they can get a lease signed. This is "mostly" due to overall inflation, a weakened dollar, higher taxes and insurance on the owners.


My advice would be almost the same that I would give a buyer:


  1. Make sure your credit is good. If it's not, work on it today.
  2. Be sure to have 3 months of documentation proving your income. Showing me your car or a picture of money doesn't count (that's happened)
  3. Rents can be negotiated just like home sales. If you find a place you love but feel there's competition, offer more. If a home rental is sitting that you want, offer less.
  4. Be prompt, responsive, and courteous. If you set an appointment, keep it or reschedule ahead of time. That can be a factor in decision making on a hot active rental.



Reply to This Email With Questions

OR

Visit My Home Site At www.joecharlesnj.com

 
 

Today's Mortgage Rates : Daily Index

View today's current mortgage rates with our national average index, calculated daily to bring you the most accurate data when purchasing or refinancing your home. Follow our daily market analysis with Mortgage Rate Watch and we'll tell you where and why rates are moving.

Northern NJ Homes For Sale by County

Mortgage rates remain stuck at highest levels since August: Mortgage and refinance interest rates today, Thursday, May 28, 2026

Mortgage rates were little changed last week amid continued uncertainty about inflation and the Iran war. The average 30-year mortgage rate was 6.53%, according to Freddie Mac.

Curious what your home might be worth today?


I offer a tool that lets homeowners track their estimated value and equity.


See Your Home Value & Equity Report


It can also send a simple monthly update so you can stay informed about what is happening around your property.

What To Do This Weekend in NJ

20+ FREE Things To Do In June

It's June, and we're all set for summer fun, especially all the FREE things to do this month that celebrate the season. Grab your beach towel and chairs, and kick...

Facebook      GMB      Instagram      YouTube

Actively Licensed in the State of NJ:

New Jersey Real Estate Commission (NJREC)

North Central Jersey Association of Realtors (NCJAR)

X Share This Email
LinkedIn Share This Email

© 2026, Prominent Properties Sotheby's International Realty

670 Main Rd, Towaco, NJ 07082

office: 973-335-5700

Facebook  Twitter  Instagram