10.31.22 Mortgage Rates Update

On Monday, Nerdwallet released the average mortgage rates in the country: 

…the average interest rate on a 30-year fixed-rate mortgage rose 10 basis points to 7.042% APR. The average rate on a 15-year fixed-rate mortgage grew eight basis points to 6.176% APR, and the average rate on a 5-year adjustable-rate mortgage went down three basis points to 6.051% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 27 basis points lower than one week ago and 401 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.

Week to week the 30-year mortgage rate went down! The Federal Reserve meets on November 1st & 2nd. Come back on Thursday to see our meeting recap!

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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