02.13.23 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.

This is by far the most significant week-to-week increase in the new year. Along with the Fed raising interest rates, the economy added over 500k new jobs and had to raise wages to secure those jobs. Those three factors and the anticipation that the Consumer Price Index Inflation report will show an increase for last month explain the sharp rise in rates.

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 January 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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