1.LOCK- IN YOUR MORTGAGE RATE
A lock-in or rate lock on a mortgage loan means that your interest rate won’t change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application.
2.) BUY POINTS TO LOWER INTEREST RATE
Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).
3.) RETHINK YOUR PRICE RANGE
Be sure you understand all of the ins and outs of mortgage fees and rates as well as understanding what you yourself are capable of handling.
WHY ARE THE RATES RISING?
Several Factors play into the configuration of interest rates. Economic growth, fiscal policies, monetary policies, and inflation all play a key part in determining how the rates are calculated.
TODAY’S CURRENT RATES
Today’s mortgage interest rates are between 4.4% and 4.9 % with other fees and rates dependent on the organizations and banks. These rates are expected to continually rise throughout 2018.