On Monday, Nerdwallet released the average mortgage rates in the country:
The 30-year fixed-rate mortgage averaged 5.06% APR, up 19 basis points from the previous week’s average.
The 15-year fixed-rate mortgage averaged 4.19% APR, up 20 basis points from the previous week’s average.
The 5-year adjustable-rate mortgage averaged 3.52% APR, down two basis points from the previous week’s average.
So we have another week of significant rate increases with the 30-year fixed-rate breaking 5%. If you’re close to buying a new home, try to lock in a rate as soon as possible, as we expect the Fed to increase rates again in their meetings. But as always, if you’re still on the fence, the most important thing to do is sit down with a lender to understand how close you are to being able to buy a home. You have to know the answer to these three questions:
- What is the % down I need to save for?
- What are my closing costs?
- At the rate that I’m saving, when will I hit those goals?
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