On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage plummeted 39 basis points to 6.712% APR. The average rate on a 15-year fixed-rate mortgage dropped 21 basis points to 6.074% APR, and the average rate on a 5-year adjustable-rate mortgage fell 11 basis points to 6.16% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 53 basis points lower than one week ago and 366 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.
Last week we received data showing that inflation is tapering down, so as much as we’ve wanted the Federal Reserve’s rate hikes to calm down, we’re finally seeing it doing what the Fed has been set out to do. Along with that news, mortgage rates have gone down the most we’ve seen in a long time! If you haven’t checked in with your lender, now may be the time to do it!
What do we see in the New Orleans Market? Check out our Monthly New Orleans Market Review, which comes out every 2nd Thursday of the Month!! Read the September 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