Mortgage rates have been nudging up lately. If you’re in the market for Smyrna real estate, this might seem a bit discouraging, but mortgage rates are still very low and, for many home buyers, the increases might not have much of an impact on their home buying plans.
Where Are Rates Now?
During the last week of April, mortgage rates for 30-year fixed mortgages went up 0.17% and 15-year fixed mortgages wend down 0.14%. These were the national averages. Locally, during the last weekend of April, 30-year fixed mortgage rates were hovering around the 4.5% range, with some lenders offering rates just shy of that mark. While there has been a general rise in rates, as you can see, not all types of mortgages actually saw an increase over the month of April.
Economists predict that mortgage rates could go up during the month of May, but there are numerous different variables that play into that prediction, and nothing is set in stone. Nonetheless, it’s always wise to know what lies ahead where financing your Smyrna real estate purchase is concerned, so here are some ways you can get an advantage when you’re looking for lending, no matter what your situation is to start.
Look for local brokers and try to find ones that have a reputation for being very helpful and attentive to their clients. If you’re in doubt, ask us. While some people might feel like they’re imposing a bit with such questions, Realtors field them all the time and they fully understand that navigating the ins and outs of mortgages is very difficult, particularly for first-time buyers.
Think Big, Spend Small
If you feel like higher mortgage rates require you to look for a smaller house than you initially wanted, that might not be true. You have many options. You can look for a more affordable house of an equal size to what you had in mind or, if you’re working with a good Realtor, you can rely on their negotiating skill to persuade buyers to give you a good deal; probably better than you expected. Realtors bring a lot of negotiating skills to the table, so you can rely on them to make a difference in the price you pay for your house. If you’re really worried about the lending aspect of getting a home, just let your Realtor know and they’ll find a property that’s just right for you and your budget.
Reign in Spending
This can’t be said enough: If you want to borrow for a home, don’t borrow for anything else. Any borrowing you can put off makes your credit report that much more attractive to lenders, and that can get you a lower interest rate!