On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage plunged 31 basis points to 5.36% APR. The average rate on a 15-year fixed-rate mortgage dropped four basis points to 4.7% APR, and the average rate on a 5-year adjustable-rate mortgage stayed about the same at 4.47% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 20 basis points lower than one week ago and 251 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.
So rates have dropped a bit…again. They are still higher than last year, but two weeks of down movement is catching our attention. Another interesting piece of news, this time from NAR:
The number of unsold homes on the market increased to 1.26 million. At the current sales pace, it would take three months for all of the properties to sell, up from 2.6 months from the previous month and 2.5 months in June 2021.
The Month Supply for the New Orleans Metro in June 2021 is 2.3 months. That’s up over 43% from last year, which means we’re moving away from a Seller’s Market.
The Federal Reserve meets on Wednesday, and we don’t know many people who aren’t keeping a close eye on what happens then.
What else do we see in the New Orleans Market? Check out our Monthly New Orleans Market Review, which comes out the second Thursday of every month! Read the June 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