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Mortgage rates dos and don'ts that borrowers should know now
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TL;DR
- Mortgage rates have experienced significant fluctuations, dropping and then surging within a short period.
- Locking a mortgage interest rate can protect borrowers from future rate increases and allow for precise budgeting.
- Borrowers should not assume the Federal Reserve will cut rates soon, as rate hikes are possible.
- Shopping around for mortgage rates online is crucial for finding below-average rates.
- Alternative methods like adjustable-rate mortgages (ARMs), buying mortgage points, or choosing shorter loan terms can help secure lower rates.