Mortgage rates: are on the rise. If you’re thinking of buying a home or refinancing your current home, now is a good time to lock in a low rate. Rates have been rising steadily since the beginning of 2018. They’re now at their highest level in seven years. But they’re still low by historical standards. If you’re in the market for a home, it’s a good idea to get pre-approved for a mortgage before rates rise any further. That way, you can lock in a low rate and not have to worry about rates going up during your loan process.
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Historical mortgage rates
Mortgage rates are at historic lows today! If you're in the market for a home loan, now is an excellent time to lock in a low rate. Rates are expected to begin rising soon, so don't delay.
In the past, mortgage rates have been as high as 18%! Today's rates are less than half of that. This makes buying a home more affordable than ever before. It's also a good time to refinance your existing home loan and save money each month.
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If you're thinking about buying a home or refinancing your mortgage, now is the time to act! Contact a mortgage lender today and get started on the process.
Average mortgage rates by state
The average mortgage rate varies by state, but is generally around 4%. Mortgage rates today are relatively low, but differ depending on the location of the property. States with higher average mortgage rates include Hawaii (4.32%), Alaska (4.23%), and California (4.12%). Meanwhile, states with lower average mortgage rates include Wyoming (3.84%), Utah (3.67%), and Colorado (3.62%). Although Maine has the highest average mortgage rate at 4.54%, it is still cheaper than the national average of 4.71%.
When considering purchasing a home, be sure to research average mortgage rates in your desired location to get an idea of what you can expect to pay. With today's low rates, now is a great time to buy a home!
Best mortgage rates
When it comes to finding the best mortgage rates, there are a few things you can do. First, compare rates from multiple lenders. This will help you get an idea of what's available and allow you to negotiate for the best rate possible.
You can also check online tools like Bankrate.com or MortgageLoan.com to see what rates are currently being offered by lenders in your area.
Finally, don't be afraid to ask your lender for a better rate. If you have good credit and a strong history with your bank, they may be willing to give you a lower rate than what's being advertised.
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How to get the best mortgage rate
If you're in the market for a mortgage, there are a few things you can do to ensure you get the best mortgage rate possible.
First, shop around. Talk to different lenders and compare their offers. Be sure to ask about any fees or charges associated with the loan, and be sure to compare APRs.
Second, consider a shorter loan term. A shorter loan term will mean higher monthly payments, but it will also mean a lower interest rate.
The greater interest rate you'll be eligible for depends on your credit score. So take some time to improve your credit score before you apply for a mortgage.
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fourth, try to put down as large of a down payment as possible. A larger down payment will lower your loan-to-value ratio, which could lead to a lower interest rate.
Last but not least, don't be scared to bargain with your lender. If you feel like you're being offered a higher interest rate than you deserve, don't be afraid to ask for a lower one. Remember, the lender wants your business, so they may be willing to work with you on getting the best possible rate.
Conclusion
Today's mortgage rates are low, but they may not stay that way for long. If you're considering buying a home or refinancing your current home, now is a great time to lock in a low rate. But don't wait too long – rates could start to rise again at any time. Contact a mortgage lender today to learn more about current mortgage rates and how they could affect your home loan.
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