Mortgage Update: Mortgage Rates Hit 3-Month Low; New Jersey Approves Steep Mansion Tax Reform

Mortgage rates continue to decline, reaching their lowest since the beginning of April. Mortgage News Daily says the average 30-year rate today is 6.67%. We will see how rates do after Thursday's Jobs Report.

New Jersey passed a new "Mansion Tax" bill. Until now, the buyer has paid a tax of 1% for any amount above $1M. Now the tax is being required to be paid by the seller with the following changes:

$1M-$2M: still 1%

$2M-$2.49M: now 2%

$2.5M-$2.99M: 2.5%

$3M-$3.49M: 3%

$3.5M+: 3.5%

The new rules will take effect on July 10th. Any contract signed before that date will have the old rules.