5.02.22 Mortgage Rate Update

may 2nd mortgage rates

On Monday, Nerdwallet released the average mortgage rates in the country: 

On Monday, May 2, 2022, the average interest rate on a 30-year fixed-rate mortgage rose 16 basis points to 5.273% APR. The average rate on a 15-year fixed-rate mortgage increased by 13 basis points to 4.437% APR, and the average rate on a 5-year adjustable-rate mortgage rose 2 basis points to 3.62% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 7 basis points lower than one week ago and 235 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.

The Federal Reserve meets this Wednesday and Thursday. We’ll share the results of the meeting here! 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. We should see home prices level off in the coming months, but in the end, you must do what is best for you.

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

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