On Tuesday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage jumped 29 basis points to 6.815% APR. The average rate on a 15-year fixed-rate mortgage also rose 29 basis points to 6.044% APR, and the average rate on a 5-year adjustable-rate mortgage went up 10 basis points to 5.553% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 53 basis points higher than one week ago and 380 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
There are your rates for the first week after The Federal Reserve meeting. Rates are up again, shutting out more buyers. Nationwide we’re still seeing home prices up yearly, but down significantly from the summer. Once September wraps up, we’ll share how the New Orleans Market is doing. Which the lag time of these rates hitting consumers, we’ll see the NOLA market reaction come November.
As always, what matters is what can you afford now versus a few months ago. Make sure you shop around lenders and consider the perks of buying a multi-family home as an owner-occupied investment property to help offset your mortgage since we’re certain that as buyers leave the market, rents will go up.
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