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3 ways to get a lower mortgage rate before the Fed’s April meeting
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So much for a June interest rate cut. While many were cautiously optimistic at the start of the year that inflation would continue to fall and interest rate cuts would soon follow, the recent trio of inflation reports have significantly reduced those hopes. And with inflation rising both in February and March, the prospect of rate increases is suddenly more realistic. At a minimum, one Fed official recently floated the idea of no rate cuts at all in 2024 — and that was before the most recent inflation report release.
Against this backdrop, homebuyers need to be savvy in their approach. Mortgage interest rates hit their highest point since 2000 last summer and hovered around that point ever since. And there’s still much work to be done to temper current rate volatility. That all noted, while current buyers won’t be able to secure the low rates of 2020 and 2021, they may still be able to a lower mortgage rate right now, before the Fed’s April meeting potentially affects the cost of home borrowing again.
See what mortgage rate you could qualify for today here.
3 ways to get a lower mortgage rate before the Fed’s April meeting
Here are three effective ways to get a lower mortgage rate now, before the market potentially heats up at the end of the month.
Lock in a rate now
Sure, today’s 7.13% average rate for a 30-year mortgage seems high, particularly compared to the 3% range available in recent years, but it may be the lower option if you wait around and rates rise again. There’s no real downside to locking in today’s rate now.
If rates somehow drop between the time you lock your rate and the time you close, you could unlock and relock the new one (assuming you’ve kept your credit in shape in the interim). And if rates are higher by that time, you’ll already have the better option. Plus you could always refinance at some point in the future when the rate climate stabilizes.
See exactly how low of a mortgage rate you could secure online today.
Explore all alternatives
Lenders will provide other ways to get a lower interest rate besides the conventional mortgage loan. By buying mortgage points, borrowers will pay a fee to the lender in exchange for getting a lower rate (think half a percentage point, approximately). This fee can be paid upfront at closing or rolled into the overall mortgage loan, but it could add up to major savings over the life of the loan.
Adjustable-rate mortgages, meanwhile, will adjust over time (usually after the first few years of the mortgage loan). But buyers may be able to get a lower rate than they would have if they had gone the conventional route. And they could always refinance into a fixed-rate loan when the market changes again.
While neither option is perfect (mortgage points will cost you and adjustable-rate mortgages come with inherent risks if the market doesn’t move in the right direction), they’re both viable for buyers looking to secure a lower mortgage rate immediately.
Shop around
While you won’t likely find a mortgage rate dramatically lower from one lender to another, every little bit helps. And with mortgage applications currently down, lenders will look to compete with one another right now to secure your business.
Knowing this, then, buyers should shop around to find the lowest rate possible. But don’t just compare the rate — compare the estimated closing costs and fees as well. After all, a lower mortgage rate that comes with excessive fees may not be as advantageous as it seems on paper.
Learn more about your mortgage options online today.
The bottom line
With another Federal Reserve meeting just weeks away — and the potential for rate hikes higher than they’ve been in months — homebuyers should consider taking certain steps now to get a lower mortgage rate. That means locking in what’s available now before they potentially tick up. But it also means exploring alternatives like mortgage points and adjustable-rate mortgages. And, as is the case with most financial products, it pays to shop around to find the best rate and terms. By taking these steps now, before the market adjusts to whatever decision the Fed makes at the end of April, you can better position yourself for homebuying success.
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CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
