The inflation rate rose again this week. Here's what homebuyers should do now.
Homebuyers have had a rough few years. After mortgage rates plummeted in 2020 and 2021 thanks to the pandemic they rose quickly in 2022 and 2023 in response to decades-high inflation. That led to them hitting their highest point since 2000 - where they have remained since. And until inflation falls into check, it's unlikely that they'll come down in any significant way, either.
While most will generally offer you similar rates and terms, even a slightly lower rate between lenders can make a significant difference — especially when added up over a 30-year mortgage loan term length. Just be sure to look at all of the potential costs as fees and closing costs could offset some of the reduction you get in a rate.Consider alternativesA traditional 30-year mortgage loan isn't your only option. Some alternatives could result in you getting a lower interest rate.
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