Have you been keeping an eye on mortgage rates lately? One day they dip, the next they climb again. It’s no wonder so many Triangle area buyers feel unsure about when to jump into the market.
The graph below, based on Mortgage News Daily data, shows just how much rates have fluctuated in April—especially compared to a more stable March:
This kind of movement is normal when the economy is shifting. And while it might be tempting to wait for the “perfect moment,” trying to time the market isn’t a winning strategy. But here’s the good news: even in the face of volatility, there are things you can control to help secure a better rate.
Your Credit Score
Your credit score plays a big role in the mortgage rate you qualify for. A higher score could mean a lower rate—and a lower monthly payment. As Bankrate puts it:
Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”
Not sure where your score stands? A trusted loan officer in the Triangle area can help you check it and offer advice for improvement.
Your Loan Type
There are several types of home loans—conventional, FHA, USDA, and VA loans—each with different eligibility rules and potential rates. As the Consumer Financial Protection Bureau (CFPB) explains:
There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.”
Talking to a lender about your goals and financial situation can help you find the loan that fits best.
Your Loan Term
Loan terms affect your rate, monthly payments, and total interest. According to Freddie Mac:
When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”
Shorter loan terms (like 15 or 20 years) often come with lower rates but higher monthly payments. It’s worth weighing all your options with your lender.
Navigate Mortgage Rates With Confidence
You can’t control the economy or predict mortgage rate shifts—but you can take smart steps to improve your personal situation. From your credit score to your loan type and term, small moves can add up to a much better deal.
Contact Linda Craft Team Realtors to talk about what you can do now to prepare for a successful home purchase in the Triangle area—no matter where mortgage rates go next.