11.28.22 Mortgage Rates Update

average mortgage rates

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

…the average interest rate on a 30-year fixed-rate mortgage fell 14 basis points to 6.524% APR. The average rate on a 15-year fixed-rate mortgage dropped three basis points to 5.918% APR, and the average rate on a 5-year adjustable-rate mortgage grew 20 basis points to 6.518% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is four basis points lower than one week ago and 341 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.

We’re starting another week with 15-year and 30-year rates lower than the prior week! This is excellent news for those who’ve been waiting for a downturn in rates. With supply going up and average sales price going down in the New Orleans market, if you’re in a spot where your budget and pre-approved mortgage rate are in a sweet spot, use this traditionally slower time in the industry to see some of your top contenders. Buyers have more negotiating power now than this time last year, so you may be able to get your home for less than you realize, or you can see if the sellers are willing to help with closing costs!

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

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