On Monday, Nerdwallet released the average mortgage rates in the country.
All rates but the 5-year adjustable-rate mortgage (ARM) decreased week to week! The decrease may be due to the good news from the CPI report two weeks ago, which showed inflation slowing for the month of March. And with the Federal Reserve meeting next week on May 2nd & 3rd, perhaps there is speculation, or more like hope, that the Fed will slow down their rates hikes. Personally, I’m not sure if that will be the case, but one thing I am certain, if you plan to close on a home this week, make sure you take a look at your interest rates to see if you can benefit from this decrease.
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 March 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