New Orleans Real-Estate

New Orleans Real-Estate The "New Orleans Real-Estate" page is sponsored by Sam Simeone Real Estate

10/11/2024

According to Freddie Mac, as of October 10, 2024, the average 30 year fixed rate mortgage for an owner occupant with the a top tier credit score was 6.32% annually. This marks the largest one week rate increase since April. The average 15 year fixed rate is 5.41%.
I just received a quote for today and rates have continued to go up.
The rate I was quoted as of 10-11-2024 is 6.75 no points for a fixed rate owner occupied 30 year loan.
I was quoted 7.125% fixed rate for 30 years with 25% down for a two unit investment property.

01/26/2024

As of January 25, 2024, according to Freddie Mac, the 30 year fixed rate mortgage rate for an owner occupied home, is 6.69% for a Borrower with top tier credit. The 15 year fixed rate is 5.96%.
According to the National Association of Realtors pending home sales were up 8.3% month to month.

09/01/2023

A change that has occurred in the past year is the credit score and down payment that gives you the lowest home loan rate. It is now 780, and along with that, many underwriters are requiring a 25% down payment to obtain the very lowest rate. These are quotes that I received today, September 1, 2023: For a purchase price of $400,000.00, with a 25%, down payment, and a 780 credit score, the 30 year fixed rate with no points is 7.125%. However with a 20% down payment it is 7.375%, and with a 720 credit score and 25% down it is 7.5% and with 20% down and a 720 Credit Score it is 7.875%. Even though according to Freddie Mac, as of August 31, 2023, the average 30 year home loan rate was 7.18%, you can see this is a bottom rate and how much it can vary. Credit scores in the 600's will have rates at 8%+.

08/10/2023

As of August 3, 2023, according to Freddie Mac, the Mortgage rate for an owner occupied residential loan for someone with good credit (a credit score over 720) increased to 6.90% for a 30 year fixed rate loan, and 6.25% for a 15 year fixed rate loan.

04/13/2023

April 13, 2023
According to Freddie Mac the average 30 year fixed rate mortgage was 6.27 percent for an owner occupant. The rate for a 15 year mortgage was 5.54% this past week. I just received a local Mortgage quote of 6.375% for a 30 year mortgage as of today, April 13, 2023. Data suggest inflation remains above the desired level but is slowing. These trends, coupled with tight labor markets, are creating increased optimism among prospective home buyers as the housing market hits its peak in the spring and summer.

09/06/2022

As today, September 6, 2022, the 10 US Treasury note is down almost a full point and it's yield is up to 3.34%. Because of this and other factors, the mortgage rates are significantly higher today. I received two local quotes for a 30 year fixed rate owner occupied mortgage with 20% down. One was 6.5% with no points and the other was 6.25% with 1 point. One point is 1% of the loan amount.

08/24/2022

According the the Mortgage Banker's Association, the current rate for the 30 year owner occupied fixed rate mortgage has risen to 5.65% with .7% points with a 20% down payment. Mortgage application volume was down 21% from one year ago.

08/17/2022

AS of August 18, 2022, according to Freddie Mac, the 30 year fixed rate mortgage for an owner occupied home for someone who had a top tier credit score, (This is usually over 740) was 5.13% with .7 points. The 15 year rate fixed rate was 4.55%.
In February 2022, there were 2037 properties for sale with the New Orleans Metropolitan Association of Realtors; this figure rose to 3619 properties for sale by the end of July, 2022.
The July reading of Housing Starts was -9.6% month over month, for an annualized rate of 1,446,000 units. Starts were expected to be down 2.1% on the month. Starts of Single Family houses were -10.1% over month and starts of Multi-family units were -8.6%.
The year over year reading for starts is in large contrast when single family and multi-family starts are compared. Single Family starts are down 18.5% for the year, but Multi-family starts are up 18.0% for the year.

07/08/2022

According to Freddie Mac, the average weekly mortgage rate for the week ending July 7, 2022, was 5.3% with .8% of a point for a 30 year mortgage for a buyer of an owner occupied home and 4.45% for a 15 year loan with .8 of a point. This is about .5% less than a few weeks ago as the rate on the 10 year treasury dropped from 3.48% to 2.8% on July 1,2022. However during the last few days, the rate has risen to 3.1%, so, along with a strong employment report for June which was just released this morning, July 7, mortgage rates will probably trend higher next week.
Also note that the number of Homes for sale through the New Orleans Metropolitan Association of Realtors has risen from a low of 2025 listings in February 2022, to 3,211 listings at the end of June, as higher interest rates compared to the beginning of the year are having an effect on the market.

05/24/2022

According to Freddie Mac, as of May 19, 2022, the average rate for the 30 year fixed rate mortgage for owner occupied property was 5.25% with .8 of a point for home buyers with a credit score of 740 or higher. I Received a quote today of 5.25% with no points fixed for 30 years for a similar credit score. The 15 year fixed rate was 4.45%.
According to the New Orleans Metropolitan Association of Realtors, there were 2,452 Homes listed with them as of April 30,2022 as compared to 1997 Homes for sale at the end of February, but still well below the figure of 5,251 Homes for sale at the end of April 2020. The average selling price for all homes at the end of April 2022 was $280,000.
The April reading for New Home Sales was a negative 16.6% month to month, well below the estimate -1.8%. The annualized sales rate for April was 591,000, compared to the forecast for 749,000. This is the lowest reading in two years.

03/31/2022

Mortgage rates continued moving up in the face of rapidly rising inflation as well as strong demand for goods and ongoing supply disruptions. As of today, March 31, 2022, according to Freddie Mac, the 30 year fixed rate mortgage for an owner occupied single family home was 4.67% with .8% points for a Buyer with a credit score of 740 or higher. This morning I received a quote of 4.75% with no points but with an $1150 Lender fee. The average 15 year rate was 3.875%.
As recently as December 23, 2021, the 30 year rate was 3.05%, so we have had a significant increase over the last 3 months.

03/14/2022

According to Freddie Mac, as of March 10, 2022, the average rate for the 30 year fixed rate mortgage for owner occupied property was 3.85% with .8 of a point for home buyers with a credit score of 740 or higher. However mortgage rates have risen since last week. Today March 14, 2022, I received two rates locally. They were 4.49% with no points and 4.5% with no points with a credit score of 740 or higher.

Address

New Orleans, LA
70122

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 7pm
Friday 9am - 5pm
Saturday 9am - 7pm
Sunday 10am - 7pm

Website

Alerts

Be the first to know and let us send you an email when New Orleans Real-Estate posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to New Orleans Real-Estate:

Shortcuts

Share

Category