On Monday, Nerdwallet released the average mortgage rates in the country.
Week to week, there were small movements in the 5-Year ARM and 15-Year Fixed interest rates. The 30-year Fixed-Rate mortgage had a huge decrease of .2%. You can probably thank the debt ceiling negotiations for the sudden drop as well as the speculation that the Federal Reserve Bank is halting rate increases after the latest increase. Though speculators are saying that 12 months of steady decreases in the Consumer Price Index is enough to stop the rate hikes, we have yet to hear from the Fed on their expectations moving forward.
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 April Snapshot now!
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Link to full Nerdwallet article: https://www.nerdwallet.com/article/mortgages/mortgage-interest-rates-forecast