NORFOLK, Va. — Mortgage rates are rising, and it’s making the overall home buying process even more difficult.
New data from mortgage giant Freddie Mac shows the average 30-year fixed-rate mortgage rose to 5.22% in the week ending August 11, which is up from 4.99% the week before. When comparing rates from 2021, home buyers will notice rates this year are nearly double.
Now future home buyers are left with even more decisions on their plates.
“You’re either going to have to pay more for that house because the loan is going to cost more or you’re going to have to downsize the kind of house that you want.” says Michelle Singletary, author of What to Do With Your Money When Crisis Hits.
Financial experts say, even with these high prices you still have options when shopping for the best and lowest home loans.
Here are three tips to get you started:
- Strengthen your credit score. The better credit you have, the better rate you’re going to get
- Explore your options. Find out which loan works best for you: Conventional, FHA, VA or USDA
- Shop around. Request loan estimates from several lenders and compare rates.
Loan experts also recommend asking your lender if you can lock in a rate while you shop for a home. If you’re skeptical about buying a home right now, some experts say you shouldn’t wait, because the conditions will never really be perfect.
“Date the rate, marry the house… Purchase your home and you know, you’re going to have the opportunity, whether it’s in six months or a year or a year and a half to what to refinance and lower your interest rate back down,” said Frank Fuentes, National Vice President of Multicultural Community Lending, New American Funding.
The good news is you have resources at your disposal. Both Virginia and North Carolina have first-time home buyer assistance programs. Some of those programs combine low-interest-rate mortgages with down payment assistance and closing cost assistance.
Navigating home loans among rising mortgage rates & Latest News Update
Navigating home loans among rising mortgage rates & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Navigating home loans among rising mortgage rates & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links