6.06.22 Mortgage Rate Update

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

…the average interest rate on a 30-year fixed-rate mortgage rose two basis points to 5.27% APR. The average rate on a 15-year fixed-rate mortgage went up 14 basis points to 4.499% APR, and the average rate on a 5-year adjustable-rate mortgage fell four basis points to 4.156% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 20 basis points higher than one week ago and 237 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.

NerdWallet also shared this interesting info:

More houses were for sale in May than had been for sale 12 months earlier. It was the first time that year-over-year inventory had gone up since June 2019, according to Realtor.com’s monthly housing market trends report.

What are we seeing in the New Orleans Market? Check out our Monthly New Orleans Market Review which comes out the second Thursday of every month!

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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