Today, let’s chat about getting the best rate on your home loan. Trust me, finding a great rate is a big deal. It means saving lots of money every month and even more over your loan’s lifetime.

Imagine you have a $400,000 loan. If you lower your interest rate from 7% to 6.5%, you could save almost $50,000 over 30 years. That’s huge, like paying for a year of college!

Lately, mortgage rates have been on a rollercoaster, almost touching 7%. Even with higher rates, folks are still buying homes. Sales are up 6% from last year. Nicole Rueth, a mortgage pro, says, “Buyers don’t need super low rates to jump into the market; they just need rates to stop jumping around.”

Where are rates headed? They’ve gone up because of strong job numbers and stubborn inflation. But, they might dip back into the mid-6%s soon. By the end of the year, we might even see rates around 6.1% or 5.8%.

So, what makes rates go up or down? A few things:

• The Economy: When it’s strong, rates tend to rise. When it’s not, rates can drop.
• Investment Activity: In uncertain times, investors buy safe things like Treasury bonds and mortgage-backed securities, which can lower mortgage rates.
• Inflation: It affects how much it costs lenders to make loans, which can change rates.

Your personal situation matters too:

• Credit Score: A high score can get you a better rate because it shows you’re good with money.
• Down Payment: A bigger down payment can lower your rate since it means you’re less risky for the lender.
• Loan Type: Some loans, like those backed by the government or shorter-term loans, have lower rates.

Getting the best mortgage rate might seem tricky, but with a little effort, it’s totally possible. Want to know more? Reach out to me, Chenine Lozano, at 562-762-7511. Let’s make your dream of homeownership come true without breaking the bank!