05/23/2022
The national average rate for a 30-year fixed mortgage is 4.27% as of March, this is up from 3.24% at the end of 2021 — meaning you would be paying 32% more on your mortgage today than if you had secured it back in December! And this isn’t a one-size-fits-all rate. Your credit score and down payment amount can impact this rate in either a positive or negative direction.
Although these percentages might seem like a small number, they matter. And the higher the price of the home you’re buying, the more daunting this number will seem. So, what can you do to ensure you lock in a decent interest rate and lower your monthly mortgage cost?
✔️ Try to get your credit score to at least a 740, that’s the minimum lenders will typically award the lowest interest rate to.
✔️ Also, if you can, pay as much as you can for the down payment, this will lower the amount you’ll owe, and paying more upfront means paying less later.