These are the 4 most important things homebuyers can do now, according to experts
Summary
Mortgage rates have been around 6.5% for most of 2026 and are expected to stay high. Experts advise homebuyers to shop around for lenders and improve their financial profile to get better mortgage deals.Key Facts
- Mortgage rates average about 6.625% in 2026, leading to monthly payments near $2,600 on a median-priced $403,200 home with a 30-year loan.
- Rates are unlikely to drop soon; the Federal Reserve is not expected to lower rates at its July meeting.
- Shopping around with 2 to 4 lenders can save borrowers hundreds to over a thousand dollars per year.
- Comparing loan offers should include looking at fees and annual percentage rates (APR), not just the interest rate.
- Improving credit scores (around 740 or higher), lowering debt-to-income ratios (36% or less), and making a 20% down payment can secure better loan terms.
- Lenders see buyers with good finances as less risky and may offer them lower rates.
- Private mortgage insurance can be avoided with a 20% down payment.
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