On Monday, Nerdwallet released the average mortgage rates in the country.
The 30-year and 5-Year ARM interest rates are now above 7%. We haven’t seen rates over 7% since November. With the Federal Reserve meeting on March 21-22nd, we expect for rates to keep creeping up in anticipation of the Fed raising rates again. We can hope 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