The Fed held rates steady last week, signaling two cuts later this year. Despite the high-rate environment, savvy buyers can take control with strategies that deliver real savings. Extracted from listingleads.com and submitted by Diane Hart Alexander, MBA, MHA, Alex Chair and CEO.
Here are 4 effective ways to lower your mortgage rate today:
- Shop Lenders: Buyers who compare lenders save an average of 0.86% on their rate, per Realtor.com. A few extra calls could save you thousands.
- Boost Your Credit Score: Elevating your score to the “very good” range can cut your rate by about 0.22%, based on Fannie Mae and CFPB data.
- Increase Your Down Payment: Raising it from 10% to 15% can lower your rate and eliminate PMI, reducing long-term costs.
- Explore a Temporary Buydown: Sellers or builders may offer a 2-1 buydown, slashing your rate by 2% in year one and 1% in year two for a smoother transition.
These strategies require effort or tradeoffs, but they deliver results.
Ready to save? Contact me today to discuss your goals, financing or The Fed at 713.918.9951 or at george@alex.realestate.
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