It seems like mortgage rates are on a crazy roller coaster soaring up one day and down again the next. Here’s a few things to consider to get a great rate in today’s market.
1. Get your purchase or refi application in TODAY and ready to lock. Imagine riding a roller coaster without a restraint. That would be a scary ride! A rate lock lets you hold onto a low rate even if rates go up. When you have your application in and approved for a loan, your Intercap loan officer can lock you into a good rate when the time seems right, and you can continue to ride this crazy roller coaster without fear. The key is to get ready to lock with an approved application. Intercap Lending loan officers are experts at navigating rates and locking you in at the perfect time.
2. Even with the rates jumping up and down, we are still at a century low. Take a look at this chart provided by Freddie Mac showing the average rates since the 1970s. According to Freddie Mac, “Over the last 45 years, [mortgage interest rates] have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close— all to your advantage.”
3. Low rates are not totally out of your control. Preparing to buy or refinance ahead of time can help you get a better interest rate. Credit scores, down payment (on a new purchase), debt to income ratios, and other factors can determine your actual interest rate. Added costs and rate increases are called Loan Level Pricing Adjustments. If you want to get the best rate at any time, learn what you can do to be ready. Intercap Lending loan officers can help you make smart financial decisions as you prepare to buy or refi. Don’t wait until you are ready to pull the trigger on a new purchase or refi and take your chances. Contact an Intercap loan officer today to get ready to make a smart move at the right time.