On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage stayed about the same at 6.213% APR. The average rate on a 15-year fixed-rate mortgage rose five basis points to 5.395% APR, and the average rate on a 5-year adjustable-rate mortgage went up three basis points to 5.34% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 18 basis points higher than one week ago and 329 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 Federal Reserve meets this Wednesday so we, along with many across the nation, will be paying attention closely to see what happens. We expect for them to raise rates again, seeing as that has been the ongoing trend this year. Come back Thursday morning for a meeting recap!
What 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 August 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