Mortgage rates continue to hold steady around 5%. Rates have been inching down for the past few weeks after hitting a peak of 5.3% in the second week of May.
Even though rates are softening slightly, they’re still having an impact on affordability. If you’re looking to buy a home soon, shopping around with multiple lenders and considering all of the mortgage options available to you can help you save money in a high rate environment.
“In this environment, small changes in rates or terms can have a large impact, which is leading many to consider a wider range of options or loan types in hopes of getting a better deal,” says Robert Heck, vice president of mortgage at Morty. “We always encourage buyers to look closely at all of their options, so in many ways this environment supports healthy practices on the part of buyers, including taking a deep look both at your individual financial situation and then shopping around for a mortgage or using a mortgage marketplace to access all available options.”
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