How To Get Lower Mortgage Rates

October 10, 2023

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From the Homebuyer.com YouTube Channel

Mortgage markets were closed Monday for the holiday. Today. when markets open, home buyers will face the highest mortgage rates since the turn of the century.

30-year fixed-rate mortgage rate will be over 8% for some of today's buyers. 15-year mortgage rates will likely be over seven percent.

As interest rates climb, it's a good time to remember that, as a home buyer, you have at least 10 ways to get a lower mortgage rate.

Some of the basics include:

1. Asking for Seller Concessions

2. Paying additional mortgage discount points

3. Using an adjustable-rate mortgage

There are other ways to save on your rates, too, including the method that's been proven in study after study: get multiple rate quotes.

According to landmark Freddie Mac research, when mortgage rates are high, buyers who compare rates with multiple lenders save up to $1,700 in mortgage fees and up to 0.50 percentage points on their mortgages.

See today's mortgages and prepare for your upcoming purchase - whether it's today, next week, or next year. Get pre-approved online in just 3 minutes at the Homebuyer.com website. Pre-approved buyers do better,

Happy homebuying,

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC

The relative market share of FHA mortgages since 2018: 

• 2018: 20.936%
  
• 2019: 21.191%
• 2020: 20.489%
• 2021: 18.101%
• 2022: 17.241%

Data represents purchase mortgage transactions for residential, owner-occupied 1-unit properties. Data does not include cash purchases.

Find more interesting mortgage statistics at Mortgage Statistics For Research Projects & Home Buyers.

MORTGAGE RATE CALENDAR
Upcoming events that may change the direction of mortgage rates

October 11, 2023: Producer Price Index

October 12, 2023: Consumer Price Index

October 13, 2023: Consumer Sentiment

October 31, 2023: Federal Open Market Committee Meets

Subscribe to our YouTube channel for additional insight.

FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in Congress
 
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers. 
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA

The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible

The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage

The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None

The Middle Class Mortgage Insurance Premium Act

A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.

- Last Action in Congress: June 13, 2023
- Status: Not yet passed