On Tuesday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage jumped 15 basis points to 6.719% APR. The average rate on a 15-year fixed-rate mortgage rose six basis points to 5.872% APR, and the average rate on a 5-year adjustable-rate mortgage went up five basis points to 5.659% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 19 basis points higher than one week ago and 365 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.
What’s really interesting is that though this is higher than the average at the end of last week, 2 out of 3 rates are still lower than what we shared last week:
Rates for the 30 & 15 Year Fixed-Rate Mortgage is actually down from 9.27.22
So what does that mean? Rates are still volatile due to inflation and interest rate hikes from the Federal Reserve (3 percentage points since March), and with that volatility, you may still be able to get a decent rate, or at least lower than the national average, with lenders. Make sure you shop around from national lenders to local lenders. Try to keep your lender local since they will have a better idea of your local market.
First-time homebuyer? Make sure you 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. Our Buyer’s Realtor, Austin, can show you how you can use real estate investing to your advantage during these times.
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