On Monday, Nerdwallet released the average mortgage rates in the country:
On Monday, April 11, 2022, the average interest rate on a 30-year fixed-rate mortgage rose 13 basis points to 5.093% APR. The average rate on a 15-year fixed-rate mortgage grew five basis points to 4.135% APR and the average rate on a 5-year adjustable-rate mortgage rose two basis points to 3.604% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 13 basis points higher than one week ago and 212 basis points higher than one year ago. A basis point is one one-hundredth of one percent. Rates are expressed as an annual percentage rate, or APR.
So we have another week of significant rate increases. If you’re close to buying a new home, try to lock in a rate as soon as possible. Don’t rush just because of interest rates if you’re on the fence about buying. If history has taught us anything, we see a decrease in home prices whenever rates go up, and buyers slow down.
Questions? Reach out to one of our advisors for a chat!
Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast