Nashville long-term mortgages moved closer to 5 percent this week, with interest on 30-year, fixed loans averaging 4.94 percent compared to 4.81 percent last week and 5.19 percent a year ago. Freddie Mac also reports hikes for 15-year, fixed mortgages, five-year adjustable-rate mortgages, and one-year adjustable rate mortgages. The 15-year, fixed rate rose to 4.38 percent from 4.32 percent; the five-year adjustable rate mortgage climbed to 4.37 percent from 4.26 percent; and the one-year ARM jumped to 4.34 percent from 4.24 percent.
Most professionals in the mortgage industry agree that Nashville mortgage rates will begin a slow, but steady rise to the 6 percent range within the next 18 months as the Treasury begins to hedge against inflation. Mortgage professionals also predict a loosening in mortgage qualification over the same period.
For questions about mortgage rates or your current mortgage, email mortgages@RemarkableHomes.com to get expert advice from Wells Fargo Nashville.