Worried About Mortgage Rates? Control the Controllables
Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.
The truth is that mortgage rates are impacted by many factors, including geopolitical uncertainty, inflation, the economy, and more. It is tricky to pin down when all those factors will line up enough for rates to come down.
That’s why it’s generally not worth trying to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables.
And regarding rates, here’s what you can influence to make your moving plans a reality.
Your Credit Score
Credit scores can play a big role in your mortgage rate. That’s why it’s even more important to maintain a good credit score right now. With rates where they are, you want to do what you can to get the best rate possible. If you want to improve your score, your trusted loan officer can give you expert advice to help.
Your Loan Type
There are many types of loans, each offering different terms for qualified buyers. When working with your team of real estate professionals, make sure you find out what’s available for your situation and which types of loans you may qualify for.
Your Loan Term
Another factor to consider is the term of your loan. Just like with loan types, you have options. Depending on your situation, the length of your loan can also change your mortgage rate.
Bottom Line
Remember, you can’t control what happens in the broader economy. But you can control the controllables.
Let’s connect to go over what you can do to make a difference. By being strategic with these factors, you may be able to combat today’s higher rates and lock in the lowest one you can.
