On Monday, Nerdwallet released the average mortgage rates in the country:
… the average interest rate on a 30-year fixed-rate mortgage rose nine basis points to 5.792% APR. The average rate on a 15-year fixed-rate mortgage went up 10 basis points to 4.821% APR, and the average rate on a 5-year adjustable-rate mortgage decreased seven basis points to 4.424% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 36 basis points higher than one week ago and 297 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.
Now, even though we’ve seen rates increase overall since 2020, rates did tell a slightly different story at the end of last week.
Mortgage rates declined across the board in the week ending July 7, the third consecutive week that the average 30-year fixed fell.
The 30-year fixed-rate mortgage averaged 5.51% APR, down 19 basis points from the previous week’s average.
The 15-year fixed-rate mortgage averaged 4.61% APR, down 21 basis points from the previous week’s average.
The 5-year adjustable-rate mortgage averaged 4.31% APR, down 11 basis points from the previous week’s average.
Another interesting data point from Altos Research is, “…30% of home sellers have cut their asking prices recently, a normal percentage of the market, but the most since 2019.”
What is one thing we’re certain of with all of this information? The market is changing and sometime soon we’ll see it switch from a Seller’s Market to a Buyer’s Market.
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!
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