On Monday, Nerdwallet released the average mortgage rates in the country:
…the average interest rate on a 30-year fixed-rate mortgage rose six basis points to 6.193% APR. The average rate on a 15-year fixed-rate mortgage grew five basis points to 5.538% APR, and the average rate on a 5-year adjustable-rate mortgage went up one basis point to 6.381% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 24 basis points lower than one week ago and 320 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 lower that they were last Tuesday. It seems like everyone appreciates the Fed raising the rates by .25% over the recent rate hikes of .75%. Read more about the Fed Meetin last week here: December Federal Reserve 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!
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Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast