02.06.23 Mortgage Rates Update

Average Interest Rates February

On Monday, Nerdwallet released the average mortgage rates in the country. Rates ticked up from the week prior and are now higher than at the start of the year.

After the Federal Reserve announced a quarter of a percentage point increase in rates, we’ve seen the 30-year and 15-year mortgage interest rates tick up about that same amount. This is excellent news for buyers as a slight increase like this doesn’t change the landscape much, especially when comparing the more significant increases from last year. If you’re a homeowner who bought in 2022, especially around October, make sure you look at your interest rate then vs. now. It may be a good time to refinance!

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 December 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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