Mortgage rates dos and don'ts that borrowers should know now
Summary
Mortgage interest rates have been changing quickly, with rates rising again after a recent drop. Borrowers should consider locking in a mortgage rate now, shop around for the best rates online, and be aware that rate cuts may not happen soon.Key Facts
- Mortgage rates started 2025 around 7% for 30-year loans, dropped to 5.75% by March 2026, and then rose to 6.62% by May 21, 2026.
- The Federal Reserve has kept its main interest rate unchanged recently, but mortgage rates still rose.
- Locking in a mortgage rate can protect borrowers from future rate increases.
- Borrowers should not assume that mortgage rates will go down soon; rates could rise if inflation and employment remain strong.
- Shopping around online for mortgage rates can help find lower rates and better terms.
- Adjustable-rate mortgages (ARMs) may offer lower starting rates but can increase after a few years.
- Buying mortgage interest points is another way to get a lower mortgage rate.
- Locking a rate now helps borrowers plan their budgets with certainty.
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