8.08.22 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 jumped 30 basis points to 5.319% APR. The average rate on a 15-year fixed-rate mortgage rose 35 basis points to 4.671% APR, and the average rate on a 5-year adjustable-rate mortgage went up five basis points to 4.522% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 33 basis points higher than one week ago and 245 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.

Well, there you go; rates have increased from the previous week.  The more research we do, the more we see that things are more complicated than they appear, just like these past few years. In the end, all that matter is what YOUR lender says your interest rate is, and can you afford that rate?

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

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