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Why You Should Lock in a Mortgage Right Now


New home eba7abe1b086f8c8f578abcd2a0533de1b50eadf3a83d4cf01eb8d7037051fd6 Win McNamee/Getty Images

Tuesday, June 13, 2017

Mortgage rates fell just a touch in the spring, giving homebuyers the perfect window to pounce on favorable terms.

You’ve been dying to move into a new home for a while now. You know the city where you want to relocate, maybe even the exact neighborhood, but you’ve been waiting for the perfect time.

According to experts, it looks like that time is now.

Many think the Fed could raise rates again before the end of 2017. While there are some economists who push back on this projection, the fact remains that the U.S. economy is due for another rate hike.

Convinced? If so, the best thing to do is to compare rates among multiple lenders. And do it right away. Mortgage rates can fluctuate wildly depending on your city, credit score and loan terms. It can be difficult to calculate all of these factors at once and compare them: Thankfully, Bankrate has the perfect solution with its mortgage rate calculator, which can save you time and money.

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Still not sure it’s the right time for you?

Consider these factors:

Mortgage rates are at a 7-month low.

Mortgage rates fell this spring, giving homebuyers the perfect window to pounce on favorable terms. These rates aren’t likely to last, though, so jump on them now, as the political climate and other factors can cause a rapid rise and without notice.

Home buying can save you in shaky economic times.

Afraid of what will happen to your money during uncertain economic/political periods? Buy a home! It is one of the smartest investments you can make, hands down.

Case in point: the government averted a complete shutdown in early May, but some experts worry that another could come as early as this fall, making it the perfect time to make progress on your journey to home ownership. Start by consulting the latest mortgage rates for the best deals.

A rate hike means money left on the table.

Rumblings have been circulating for a while now that the Fed will raise rates as again. And while no one will know until the announcement is made (at which time it will be too late), home buyers are smart to capitalize on today’s low rates because failing to compare mortgage rates could result in thousands—in some cases, tens of thousands over the life of the loan—of dollars left on the table.

Don’t get left behind! Check out Bankrate’s Mortgage Rate Table to both lock in the best rate and save money on your next home!

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