On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage fell 23 basis points to 5.77% APR. The average rate on a 15-year fixed-rate mortgage went down 17 basis points to 4.894% APR, and the average rate on a 5-year adjustable-rate mortgage dropped two basis points to 4.275% 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 298 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.
We’re gearing up to see what comes from the Federal Reserve meeting this Wednesday! According to Nerdwaller, “As of late May, financial markets were expecting the Fed to raise the overnight federal funds rate by half a percentage point on June 15.”
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! Read the May Snapshot now!
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!
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Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast