On Monday, Nerdwallet released the average mortgage rates in the country:
The 30-year fixed-rate mortgage averaged 5.2% APR, up 15 basis points from the previous week’s average in NerdWallet’s daily rate survey. One year ago, the 30-year mortgage averaged 2.88%. It averaged 3.21% at the beginning of 2022 and has risen two percentage points since. Four weeks ago, it averaged 4.59% and has risen six-tenths of a percentage point since.
The 15-year fixed-rate mortgage averaged 4.36% APR, up 17 basis points from the previous week’s average.
The five-year adjustable-rate mortgage averaged 3.5% APR, down two basis points from the previous week’s average.
Another day with the same story, rates are going UP! The Federal Reserve is meeting on May 4th-5th, and rates are expected to climb more under the assumption of the Fed increasing the Federal Funds Rate. If you’re looking to buy and have reached out to a lender in the last 6 months, make sure you revisit the conversation of what you can afford. We’re seeing buyers lose buying power, but as we’ve been saying for weeks, home prices will eventually decrease as buyers stop entering the market so quickly. If you’re close to buying a new home, as in going to showings or are about to put in an offer, try to lock in a rate as soon as possible; if you’re on the fence, speak to a real estate professional to see what’s your wisest move.
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