Mortgage rates are under 6% again. Here are 3 moves borrowers should make now.
Summary
Mortgage interest rates have recently dropped below 6% for 30-year loans, making borrowing more affordable than in recent months. Borrowers are advised to check their credit reports, compare offers from multiple lenders, and consider locking in their rate to protect against future increases.Key Facts
- Average mortgage rate for a 30-year loan is now about 5.99%.
- Average rate for a 15-year mortgage is around 5.50%.
- Rates were higher at the end of March: 6.37% for 30-year loans and 5.75% for 15-year loans.
- Borrowers with higher credit scores get the lowest mortgage rates.
- Checking and fixing errors on your credit report can improve your credit score and lead to better rates.
- Shopping around and comparing at least three lenders helps find the best mortgage deal.
- A mortgage rate lock can protect you from rising rates before closing the loan.
- It may still be possible to refinance for a lower rate after buying a home in the future.
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