Have you been keeping an eye on mortgage rates lately? One day they dip a bit, and the next they’re right back up. It’s kind of a rollercoaster, and honestly, it can get pretty confusing—especially if you’re trying to figure out if now’s the right time to buy a home.

 

Check out the graph below—it’s based on data from Mortgage News Daily. After a pretty steady March, mortgage rates have been all over the place this April. It’s definitely been a bit of a roller coaster!

 

 

This kind of up-and-down movement is totally normal when the economy’s going through changes.

 

That’s exactly why trying to time the market isn’t usually the best strategy. Mortgage rates are out of your control—but that doesn’t mean you’re stuck. Even with all the uncertainty in the economy right now, there are still smart moves you can make.

 

What you can control are things like your credit score, the type of loan you choose, and the length of your loan. Focusing on those gives you the best shot at locking in a great rate—even in today’s market.

 

Your credit score actually plays a big role in the mortgage rate you’ll get. Even a slight bump up or down in your score can have a noticeable impact on your monthly payment. Like 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.”

Keeping your credit score in good shape is super important for qualifying for a home loan. If you’re unsure where you stand or how to boost it, it’s a good idea to chat with a loan officer you trust.

 

There are also various types of loans available, and each one has its own set of requirements for who qualifies. 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.”

It’s always a good idea to work with a mortgage professional to help you choose the loan that’s the best fit for you and your finances.

 

Just like there are different types of loans, there are also different loan terms. As Freddie Mac puts it:

 

“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.”

Most lenders usually offer 15, 20, or 30-year conventional loans. Be sure to ask your loan officer which one makes the most sense for you.

 

You can’t control the economy or mortgage rates, but you can team up with a trusted lender and take steps to secure the best rate you can.

 

Let’s chat about what you can do right now to set yourself up for success when you’re ready to buy a home.