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Mortgage rate dos and don’ts to know now

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By speaking to multiple lenders you’ll improve your chances of securing the lowest rate and best terms.

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The mortgage rate environment has been turbulent in recent years. 

After hovering near record lows during the height of the pandemic in 2020 and 2021, rates surged as the Federal Reserve attempted to reign in inflation. The benchmark interest rate was raised so high that mortgage rates subsequently hit their highest point since 2000 last summer, leaving many buyers and owners looking to refinance with limited options. 

But there are hopeful signs that the mortgage rate climate could soon be improving. The Federal Reserve has halted any additional rate hikes — and mortgage rates have fallen slightly as a result. When the Fed finally does cut rates, as many expect to happen later this year, mortgage rates will drop, too. That said, the economy is still fluid and if inflation doesn’t continue to come down (it rose in December) an additional rate hike is possible.

In this environment, both buyers and owners should understand what they should and shouldn’t do when looking for a favorable rate. Below, we’ll break down a series of mortgage rate dos and don’ts to know now.

Start by exploring your mortgage rate options here to see what you can qualify for.

Mortgage rate does and don’ts to know now

Here are three mortgage rate dos and a few don’ts to account for now.

Do: Shop for rates

No matter what you’re borrowing money for it always makes sense to shop around to find the lowest rates and best terms. This is never more important than it is for mortgages, which are often the biggest purchase most adults will make. 

Considering that many mortgages come in 30-year terms, even a rate that’s just slightly lower compared to the alternatives could result in thousands of dollars in savings over the life of the loan. And with mortgage rates fluid now it makes sense to do your research to find the best loan term for your needs.

Start shopping for mortgage rates and lenders all in one place here.

Don’t: Wait for rates to drop

Mortgage rates can and likely will drop later this year. But the amount they drop by is unknown and it may be minimal. Plus, a drop in rates is likely to complicate homebuying and could lead to increased competition and, maybe, higher home prices. So don’t wait for this to happen. A lower rate in the future may be negated if the cost of buying the home is elevated.

Do: Lock in a good rate when found

Because of the volatility in the market now — and the numerous factors that can affect daily mortgage rates — don’t hesitate to lock in a good rate when found. You can always unlock it and secure a lower one before closing, depending on the lender you use. 

Or you could refinance to a better rate once you’ve closed on the property. Just be ready to lock in a good rate when you find it because it may not be that favorable long term. 

Don’t: Damage your credit in the process

Remember that the best mortgage rates will be reserved for those borrowers with the highest credit scores and cleanest credit histories, so be careful not to damage your credit during the mortgage application process. This means paying down your existing debt and not applying for new credit. It also means paying your current bills on time. 

As mentioned, the mortgage rate climate is fluid right now and you may need to lock in a good rate quickly. So make sure your credit is in top shape when you do.

Learn more about today’s mortgage rates online.

Do: Buy your dream home if found

Your dream home won’t be listed on the market every day (hence its name) so be aggressive when it does, regardless of the prevailing rates. Instead, take a “date the rate, marry the home” approach and buy the house now and refinance to a lower rate when they stabilize in the future. Just don’t pass up on the opportunity when it presents itself because it may not be available again. 

Don’t: Neglect other ways to get a low rate

While today’s mortgage rates aren’t ideal, you shouldn’t neglect other ways to get a low rate. That includes applying for an adjustable-rate mortgage (which will change over time but could mean a better, lower rate now) and purchasing mortgage points (by paying your lender to secure a lower rate than you normally otherwise would have been offered). 

Neither option will generate the sub 3% rates you could have secured a few years ago, but they will give you a better rate than you would have got on your own. 

The bottom line

The mortgage rate environment is still turbulent but there are reasons to be optimistic. However, there are generally better approaches than others right now. So shop for rates and lock one in when you find a good one but don’t be afraid to buy your dream home now, even if the rate isn’t ideal. On the other hand, don’t wait for rates to drop and avoid damaging your credit score and profile in the process. And don’t neglect to explore other potential ways to get a low rate. By taking these approaches now you’ll improve your chances of getting the best rate with the most appropriate lender for your unique circumstances.



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A study to devise nutritional guidance just for you

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It’s been said the best meals come from the heart, not from a recipe book. But at this USDA kitchen, there’s no pinch of this, dash of that, no dollops or smidgens of anything. Here, nutritionists in white coats painstakingly measure every single ingredient, down to the tenth of a gram.

Sheryn Stover is expected to eat every crumb of her pizza; any tiny morsels she does miss go back to the kitchen, where they’re scrutinized like evidence of some dietary crime.

Stover (or participant #8180, as she’s known) is one of some 10,000 volunteers enrolled in a $170 million nutrition study run by the National Institutes of Health. “At 78, not many people get to do studies that are going to affect a great amount of people, and I thought this was a great opportunity to do that,” she said.

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Sheryn Stover participates in the Nutrition for Precision Health Study, to help tailor dietary recommendations according to an individual’s genes, culture and environment.

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It’s called the Nutrition for Precision Health Study. “When I tell people about the study, the reaction usually is, ‘Oh, that’s so cool, can I do it?'” said coordinator Holly Nicastro.

She explained just what “precise” precisely means: “Precision nutrition means tailoring nutrition or dietary guidance to the individual.”

The government has long offered guidelines to help us eat better. In the 1940s we had the “Basic 7.” In the ’50s, the “Basic 4.” We’ve had the “Food Wheel,” the “Food Pyramid,” and currently, “My Plate.”

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They’re all well-intentioned, except they’re all based on averages – what works best for most people, most of the time. But according to Nicastro, there is no one best way to eat. “We know from virtually every nutrition study ever conducted, we have inner individual variability,” she said. “That means we have some people that are going to respond, and some people that aren’t. There’s no one-size-fits-all.”

The study’s participants, like Stover, are all being drawn from another NIH study program called All Of Us, a massive undertaking to create a database of at least a million people who are volunteering everything from their electronic health records to their DNA.  It was from that All of Us research that Stover discovered she has the gene that makes some foods taste bitter, which could explain why she ate more of one kind of food than another.

Professor Sai Das, who oversees the study at Tufts University, says the goal of precision nutrition is to drill down even deeper into those individual differences. “We’re moving away from just saying everybody go do this, to being able to say, ‘Okay, if you have X, Y and Z characteristics, then you’re more likely to respond to a diet, and somebody else that has A, B and C characteristics will be responding to the diet differently,'” Das said.

It’s a big commitment for Stover, who is one of 150 people being paid to live at a handful of test sites around the country for six weeks – two weeks at a time. It’s so precise she can’t even go for a walk without a dietary chaperone. “Well, you could stop and buy candy … God forbid, you can’t do that!” she laughed.

While she’s here, everything from her resting metabolic rate, her body fat percentage, her bone mineral content, even the microbes in her gut (digested by a machine that essentially is a smart toilet paper reading device) are being analyzed for how hers may differ from someone else’s. 

Nicastro said, “We really think that what’s going on in your poop is going to tell us a lot of information about your health and how you respond to food.”  

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Microbiome analysis – studying microbes and genetic material found in the stool samples of program participants – is one of the components of the Nutrition for Precision Health Study. 

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Stover says she doesn’t mind, except for the odd sounds the machine makes. While she is a live-in participant, thousands of others are participating from their homes, where electronic wearables track all kinds of health data, including special glasses that record everything they eat, activated when someone starts chewing. Artificial intelligence can then be used to determine not only which foods the person is eating, but how many calories are consumed.

This study is expected to be wrapped up by 2027, and because of it, we may indeed know not only to eat more fruits and vegetables, but what combination of foods is really best for us.  The question that even Holly Nicastro can’t answer is, will we listen? “You can lead a horse to water; you can’t make them drink,” she said. “We can tailor the interventions all day. But one hypothesis I have is that if the guidance is tailored to the individual, it’s going to make that individual more likely to follow it, because this is for me, this was designed for me.”

      
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Story produced by Mark Hudspeth. Editor: Ed Givnish. 


“Sunday Morning” 2024 “Food Issue” recipe index
Delicious menu suggestions from top chefs, cookbook authors, food writers, restaurateurs, and the editors of Food & Wine magazine.



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A new generation of shopping cart, with GPS and AI

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A new generation of shopping cart, with GPS and AI – CBS News


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At a Price Chopper outside Kansas City, shoppers are test driving the new Caper Cart, featuring digital screens, GPS, cameras equipped with artificial intelligence, and packaging scanners that spit out coupons. Correspondent Jonathan Vigliotti looks at the technology used to “reinvent the wheel” of the shopping cart.

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“All hands on deck” for Idaho’s annual potato harvest

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“All hands on deck” for Idaho’s annual potato harvest – CBS News


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In Idaho, harvest season means some high schools offer students a two-week “spud break,” when they help farmers get their potatoes out of the ground and into the cellar. And in some cases, their teachers join in. Correspondent Conor Knighton reports.

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