On Monday, Nerdwallet released the average mortgage rates in the country.
| Date | 30-Year | 15-Year | 5-Year ARM |
|---|---|---|---|
| 1/9 | 6.29% | 5.61% | 6.57% |
| 1/17 | 6.13% | 5.28% | 6.61% |
| 1/23 | 6.22% | 5.26% | 6.64% |
| 1/30 | 6.24% | 5.30% | 6.63% |
| 2/6 | 6.24% | 5.46% | 6.62% |
| 2/13 | 6.72% | 5.77% | 6.79% |
| 2/21 | 6.79% | 5.84% | 6.82% |
| 2/27 | 6.93% | 6.11% | 6.91% |
| 3/6 | 7.09% | 6.06% | 7.05% |
| 3/13 | 7.88% | 5.29% | 6.99% |
| 3/20 | 6.49% | 5.84% | 6.83% |
| 3/27 | 6.85% | 5.89% | 6.78% |
| 4/3 | 6.91% | 6.10% | 6.90% |
| 4/10 | 6.66% | 5.81% | 6.96% |
| 4/17 | 6.71% | 5.97% | 7.16% |
| 4/24 | 6.57% | 5.70% | 7.21% |
| 5/1 | 6.60% | 5.70% | 7.12% |
| 5/8 | 6.72% | 5.59% | 7.13% |
| 5/15 | 6.50% | 5.64% | 7.15% |
| 5/22 | 6.81% | 5.97% | 7.47% |
| 5/30 | 7.28% | 6.34% | 7.50% |
| 6/5 | 6.67% | 5.90% | 7.39% |
| 6/12 | 6.85% | 5.98% | 7.50% |
| 6/20 | 6.83% | 6.16% | 7.51% |
| 6/26 | 6.64% | 5.91% | 7.50% |
| 7/5 | 6.81% | 6.13% | 7.63% |
| 7/10 | 6.81% | 6.13% | 7.62% |
| 7/17 | 6.737% | 5.898% | 7.568% |
| 7/24 | 6.846% | 5.965% | 7.575% |
| 7/31 | 6.883% | 6.131% | 7.547% |
| 8/7 | 6.882% | 6.292% | 7.639% |
| 8/14 | 7.169% | 6.266% | 7.899% |
| 8/21 | 7.387% | 7.376% | 7.984% |
| 8/28 | 7.251% | 6.542% | 8.166% |
Only two of the three mortgage rates we track ticked up from last week! We have great news for those banking on a 30-year mortgage loan—that rate has gone down for the first time in 9 weeks! So talk to your lender to see if you have a new rate. The other shoe in this situation is the 5-year Adjustable Rate mortgage has officially broken 8%. We’re closely monitoring what rates do in the coming weeks, especially when the Federal Reserve meets again in September, addressing the US credit rating and the CPI report.
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 July 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