On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage grew seven basis points to 6.562% APR. The average rate on a 15-year fixed-rate mortgage jumped 17 basis points to 5.961% APR, and the average rate on a 5-year adjustable-rate mortgage expanded by 13 basis points to 6.346% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 15 basis points lower than one week ago and 354 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.
Now let’s directly compare this week’s number to last week’s:
- 30-Year Fixed Rate Mortgage: 6.712% 11/14 -> 6.562% 11/21
- 15-Year Fixed Rate Mortgage: 6.074% 11/14 -> 5.961% 11/21
- 5-Year Adjustable Rate Mortgage: 6.16% 11/14 -> 6.346% 11/21
So week to week, we see that both the 30-year and 15-year rates have gone down while the 5-yeat went up! If you haven’t checked in with your lender in the last few weeks, this is your time to do so. Remember, if you find a home you love, your rate will be locked in as soon as you are under contract, so stay vigilant, friends!
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 October 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