These are the types of homebuyers who should buy this spring, according to experts
Summary
Mortgage rates have recently gone down but remain higher than earlier this year, around 6.13% for a 30-year loan. Experts say some types of homebuyers, like those willing to improve their credit or stay in their home long-term, may still benefit from buying a house this spring.Key Facts
- Mortgage rates dropped below 6% in February after the Federal Reserve cut rates but rose to nearly 6.5% in March and early April.
- Current rates are about 6.13% for a 30-year mortgage, according to Freddie Mac.
- Buyers who improve their credit scores can reduce their mortgage interest rate and insurance costs.
- Moving a credit score from the mid-600s to mid-700s can save roughly 0.25% on interest rates.
- Comparing multiple lenders and negotiating can save buyers over $1,200 per year.
- Buyers planning to live in their home for a long time are more likely to benefit despite higher rates.
- Long-term homeowners have more time to build equity and offset upfront costs.
- Short-term buyers find it harder to recover costs with current mortgage terms.
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