Consider that, back in late 1981, mortgage rates hit an all-time high of 18.63 percent. Today’s rates around 7% pale in comparison. Then we say well back then the houses weren’t that expensive. Based on the fact that 40 years ago the prices were comparable with the times. However, there are things you can do to really put yourself in a great spot than giving up altogether.
Rising interest rates aren’t good news for home buyers. But unfortunately, today’s higher rates likely aren’t going anywhere. So rather than giving up, borrowers need to adapt their strategies to the new interest rate market.
Luckily, there’s plenty you can do to fight the market and lower your rate. Keep your finances in order, know your loan options, and don’t be afraid to compare lenders and make them compete for your business.
Lowering your rate by even just a fraction of a percent can lead to huge savings. So any additional work you put in to find a lower rate should be well worth the effort.
Nine ways to beat rising mortgage interest rates
While the overall interest rate market is rising, there are many steps buyers can take to lower their own personal mortgage rate. A few of the best strategies to beat rising interest rates include:
- Buying down your rate with points
- Considering an ARM with a low intro rate
- Using a shorter loan term
- Making a bigger down payment
- Choosing a different property
- Choosing a different loan product
- Making lenders compete
- Working with a mortgage broker
- Improving your credit
I would love the opportunity to help you with your real estate needs. I have a great team behind you to help you get over these rising interest rates and put you in a winning position.
