On Monday, Nerdwallet released the average mortgage rates in the country:
the average interest rate on a 30-year fixed-rate mortgage plunged 34 basis points to 6.285% APR. The average rate on a 15-year fixed-rate mortgage fell 14 basis points to 5.609% APR, and the average rate on a 5-year adjustable-rate mortgage dropped 10 basis points to 6.567% APR, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 31 basis points lower than one week ago and 294 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.
So here are your first average rates after the holidays. We’ll pay close attention to how this first quarter goes, especially with hints of the real estate market and inflation slowing down.
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 November 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