On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage tumbled 20 basis points to 4.986% APR. The average rate on a 15-year fixed-rate mortgage dropped five basis points to 4.352% APR, and the average rate on a 5-year adjustable-rate mortgage stayed the same at 4.425% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 37 basis points lower than one week ago and 214 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.
Though the Federal Reserve increased the federal funds rate by 75-basis-points on July 27th to slow inflation, we’re in week three of rates dropping. This is excellent news for potential home buyers. Make sure you check in with your lender to see if you will also see rates go down for your home purchase.
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!
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Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast