Mortgage rates are higher these days. In fact, the latest weekly survey shows rates up for the sixth-consecutive week. But while mortgage rates have increased, news reports can be misleading. How so? Well, a borrowers’ particular financial position has a considerable impact on the rate they receive. In other words, the rate in the headlines may not be the one you ultimately lock in before closing. In fact, according to one recent analysis from the National Association of Realtors’ consumer website, a borrowers’ financial status can sway rates nearly 0.5 percent. Jake Krimmel, senior economist at the site, says there are things a buyer can do to get a better deal. “Mortgage-rate headlines matter, but they are not the whole story,” Krimmel said. “Our report finds that borrowers’ actual rates vary widely even within the same month, and that the gap between the typical outcome and a strong one can translate into tens of thousands of dollars in purchasing power. A buyer’s credit profile, down payment, and lender choice all help determine where they land within that range.” (source)
