We didn’t post an update last week due to Mardi Gras, but you can still see what the rate was on 2/21 in the charts below. On Monday, Nerdwallet released the average mortgage rates in the country. Rates rose week to week with the 30-year mortgage having the sharpest increase.
This week-to-week increase is now the sharpest we’ve seen this year. Again, the Federal Reserve raising interest rates, the economy adding over 500k new jobs and having to raise wages, and the Consumer Price Index (CPI) increase in January are the reasons behind the increase. The CPI for February will come out on March 14, and the Fed will meet on March 21-22. One thing we can hope is that a raise in wages may offset the rate increases, but we know that an increase in wages isn’t happening for every homebuyer out there.
Luckily, in places like New Orleans, homebuyers can be a little more creative in home purchases. Buyers can look into multi-family homes to help with the mortgage payments. Want to learn more about your multi-family home options? Reach out to our advisors now!
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 contact 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