12.12.22 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 jumped 16 basis points to 6.431% APR. The average rate on a 15-year fixed-rate mortgage also grew 16 basis points to 5.782% APR, and the average rate on a 5-year adjustable-rate mortgage stayed about the same at 6.409% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 10 basis points higher than one week ago and 337 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.

Overall rates are higher this week than the prior week but still under 6.5%. There is a Federal Reserve meeting on the 13th & 14th of December, so one can guess that interest rates have ticked up slightly under the assumption that the Fed will once again raise rates.

So come back Thursday for a meeting recap!

What do we see in the New Orleans Market? Check out our Monthly New Orleans Market Review which comes out the second 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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