The mortgage rate climate has experienced extremes on both sides in recent years. After hovering near record lows during the pandemic in 2020 and 2021, mortgages rates surged in the following years in response to inflation, hitting their highest point since 2000 last summer. And while rates have dropped since, they're not nearly as low as many homebuyers would prefer.
Stop using creditIn an uneven mortgage rate climate like we're currently experiencing, buyers will need to be proactive and be prepared to lock in a rate as soon as it becomes available. Waiting could lead to a missed opportunity. But when that opportunity comes, you'll want to make sure you're in as ideal a position as possible, with the highest credit score and cleanest credit profile possible.