5.09.22 Mortgage Rate Update

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

On Monday, May 9, 2022, the average interest rate on a 30-year fixed-rate mortgage rose eight basis points to 5.5% APR. The average rate on a 15-year fixed-rate mortgage increased by three basis points to 4.534% APR, and the average rate on a 5-year adjustable-rate mortgage rose one basis point to 3.669% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 23 basis points higher than one week ago and 267 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.

Another increase like this isn’t surprising after the Federal Reserve meeting last week, which raised the federal fund rate by 50 basis points. According to Freddie Mac, the 30-year fixed rate mortgage hasn’t been this high since 2009.

Homebuyers at this moment have a bit more stress than those in the last two years. If you have any questions about strategizing whether to buy now or later, please feel free to reach out to our team of Real Estate Advisors. We can help you make the wisest decision 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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