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On Tuesday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage soared 63 basis points to 5.7% APR. The average rate on a 15-year fixed-rate mortgage jumped 65 basis points to 4.899% APR, and the average rate on a 5-year adjustable-rate mortgage grew 32 basis points to 4.094% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 50 basis points higher than one week ago and 269 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 National Association of Realtors announced on May 26th that:
…pending home sales fell 3.9% in April from March and were down 9.1% year over year.
We’re seeing potential buyers leave the market due to rising rates and high home prices. If you’re a potential buyer, make sure you get preapproved to see what you can buy. If your budget is significantly less than a year ago, don’t be afraid to exercise some patience for home prices to level out before making the leap.
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