On Tuesday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage rose four basis points to 6.073% APR. The average rate on a 15-year fixed-rate mortgage fell five basis points to 5.217% APR, and the average rate on a 5-year adjustable-rate mortgage went up one basis point to 5.25% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is eight basis points higher than one week ago and 321 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.
The rate rollercoaster is still one wild ride. The Federal Reserve will give another update on September 21st. Most are expecting another interest rate hike to tame inflation. So if you’re planning to make offers, you have until the 21st to lock in your rate before another big swing. But don’t forget that as the Real Estate market catches up with the rate increases, home prices will start to trend lower. So as we always say in the end, all that matter is what YOUR lender says your interest rate is, and what can you afford that rate?
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