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Want to lock in the best mortgage rate this month? Do these 6 things now

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There are strategies you can use to find the best mortgage rates possible, even in today’s elevated-rate environment.

Nando Vidal/Getty Images


If you’ve been contemplating a home purchase, you know that buying a home in today’s economic environment is a lot more expensive than it was just a few years ago. For starters, at about 7%, today’s mortgage rates are significantly higher than they were throughout 2020 and 2021. This has had a deep impact on borrowers, as higher rates mean steeper monthly payments and more in total interest over the life of the loan.

Home values have also increased significantly over the last few years due to increased demand, limited available inventory and other factors. In turn, locking in the best possible mortgage rate is crucial for those determined to buy a home right now. After all, even a small difference in your mortgage rate can mean tens of thousands of dollars in savings over the life of your loan. 

And, with mortgage rates still shifting regularly based on economic data and the Federal Reserve’s moves, buyers need to act fast — and have a plan in place — if they want to secure the lowest rates available, especially during the tight windows when rates dip temporarily. 

Explore your top mortgage loan options and compare rates now.

Want to lock in the best mortgage rate this month? Do these 6 things now

To optimize your chances of locking in the best mortgage rates this month, here are some helpful strategies to consider.

Get pre-approved early 

One of the most important things you can do is get fully pre-approved for a mortgage as early in your house hunt as possible — and that’s not the same as just getting a pre-qualification. A pre-approval involves underwriting everything from your income, debts, assets and credit score. 

Doing this will usually lock you in at the going rate for 60-90 days. So if rates happen to rise during that window, having a pre-approval will ensure you still get the lower rate that was available when you initially applied. Just keep in mind you’ll need to find and go under contract on a home before that pre-approval expires.

Learn about the top mortgage rates you could qualify for here.

Put more money down

In the current high-rate environment, putting down a larger down payment, typically 20% or more, could help you access the most attractive rates. Lenders view lower loan-to-value (LTV) ratios as less risky, so mortgage rates are often lower for buyers with more buy-in via their down payments. If you can swing it, boosting your down payment from the traditional 10% or 15% can often mean shaving 0.25% or more off your rate.

Maintain excellent credit

Your credit score is one of the biggest factors that mortgage lenders use to price your mortgage rate. Those with scores in the mid-700s and higher will qualify for the best rates, while scores in the 600s can add 1% or more to your mortgage rate compared to a borrower with top-tier credit. While you won’t be able to correct any major blemishes on your credit quickly, you should be sure to pay all bills on time, keep credit card balances low and avoid opening any new credit accounts or loans that could ding your score.

Look at all lender options

When rates are high, it pays to shop around and get mortgage quotes from multiple lenders including banks, credit unions, online lenders and mortgage brokers. After all, mortgage rates can vary by more than half a percentage point between lenders on any given day, so comparing the rates they are offering is crucial if you want to get the absolute lowest rate available. Luckily, there are online tools you can use to quickly get quotes from several different lenders to compare.

Consider an adjustable-rate mortgage

If you expect mortgage rates to come back down over the next few years, you may want to consider an adjustable-rate mortgage (ARM) instead of a conventional 30-year mortgage loan. That’s because ARM loans start with a fixed interest rate before becoming adjustable, meaning they can change at certain points based on the overall rate environment.

In a low-rate environment, an ARM loan can be risky, as rate increases in the future will cause the mortgage rate on your loan to increase, costing you more in terms of interest. But in today’s high-rate environment, it could make sense to choose an ARM loan, both to get the lower introductory rate and to access any potential lower rates in the future, should rate decreases occur.

Buy down your rate

In a high-rate environment, paying mortgage discount points to effectively buy down your interest rate can make a lot of sense. The cost of one mortgage point equals 1% of your loan amount, so on a $400,000 mortgage one point would cost $4,000 upfront. 

That may seem steep when you’re already paying for other closing costs, but in return for paying a point or two upfront, you can lower your interest rate by 0.25% to 0.5%. And that can translate to hundreds of dollars in savings each month, depending on the size of your loan. Just be sure to crunch the numbers to see if buying points makes sense for you.

The bottom line

With mortgage rates still high, you may need to get creative and be calculated in how you go about locking in the best rates possible. Following the tips above is a good start, as these strategies may help put you in a position to shave vital fractions of a percentage point off your mortgage rate, keeping more money in your pocket over the long haul of your loan. And, in today’s expensive housing market, that could be the difference between being able to afford your dream home or not.



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Meet the designer turning classic Venetian glass into modern art

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Meet the designer turning classic Venetian glass into modern art – CBS News


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Venetian glass is perhaps the most famous glass in the world. The island of Murano became the glass-making center of Europe in the 15th and 16th centuries, creating art that was so popular it was sought out by royals well into the 19th century. Today, the intricate pieces are still in demand, and one entrepreneur is making waves by turning an old world craft into modern day art. Dana Jacobson has more.

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Minnesota Vikings rookie Khyree Jackson dies in car accident

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Former Vikings throw special private party for fans


Former Vikings throw special private party for fans

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MINNEAPOLIS — Minnesota Vikings rookie Khyree Jackson died overnight in a car accident.

The Upper Marlboro, Maryland native played for Alabama and Oregon. He was drafted by the Vikings in April in round 4 as the 108th overall pick.

He was 24 years old.

“Our thoughts are with Khyree’s family, friends, teammates and coaches, as well as all the victims of this tragic accident,” the Vikings wrote on X.

Vikings head coach Kevin O’Connell said he was “crushed” by the news of Jackson’s death.

“In our short time together, it was evident Khyree was going to develop into a tremendous professional football player, but what was more impressive was his desire to become the best person he could be for his family and those around him,” O’Connell added.

The crash happened in Upper Marlboro shortly after 3 a.m. and involved three cars, according to Maryland state police. Investigators believe the driver of a silver Infiniti car tried to change lanes at a high rate of speed and struck the car that Jackson was in, as well as a Chevrolet Impala.

The two other occupants of Jackson’s car also died in the crash. The occupants of the other cars were not hurt. 

Officials believe that alcohol could have been a contributing factor in the crash. 

In a statement, the Minnesota Vikings say they have offered support to Jackson’s family, and are offering counseling and emotional support to the players who seek it. 

This is a developing story. Check back with WCCO.com for more.

Note: The above video first aired on June 24, 2024.



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Street medics treat heat illnesses among homeless people as temperatures rise

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Alfred Handley leaned back in his wheelchair alongside a major Phoenix freeway as a street medicine team helped him get rehydrated with an intravenous saline solution dripping from a bag hanging on a pole.

Cars whooshed by under the blazing 96-degree morning sun as the 59-year-old homeless man with a nearly toothless smile got the help he needed through a new program run by the nonprofit Circle the City.

“It’s a lot better than going to the hospital,” Handley said of the team that provides health care to homeless people. He’s been treated poorly at traditional clinics and hospitals, he said, more than six years after being struck by a car while he sat on a wall, leaving him in a wheelchair.

Circle the City, a non-profit that works in multiple cities and hospitals and treats about 9,000 people annually, introduced its IV rehydration program as a way to protect homeless people in Phoenix from life-threatening heat illness as temperatures regularly hit the triple-digits in America’s hottest metro. 

Extreme Heat Homeless Health Care
Alfred Handley watches an intravenous saline solution drip administered by the Circle The City medical team, Thursday, May 30, 2024 in Phoenix. 

Matt York / AP


Homeless people accounted for nearly half of the record 645 heat-related deaths last year in Maricopa County, which encompasses metro Phoenix. As summers grow warmer, health providers from San Diego to New York are being challenged to better protect homeless patients.

Dr. Liz Frye, vice chair of the Street Medicine Institute which provides training to hundreds of healthcare teams worldwide, said she didn’t know of groups other than Circle the City administering IVs on the street. The organization also distributes tens of thousands of water bottles each summer and tries to educate people about hot weather dangers.

“But if that’s what needs to happen to keep somebody from dying, I’m all about it,” Frye said.

Bringing care to people in need 

The amount of people requiring treatment for heat illnesses is rising. The Boston Health Care for the Homeless Program, featured in last year’s book, “Rough Sleepers,” now sees patients with mild heat exhaustion in the summer after decades of treating people with frostbite and hypothermia during the winter, said Dr. Dave Munson, the street team’s medical director.

“It’s certainly something to worry about,” said Munson, noting that temperatures in Boston hit 100 degrees with 70% humidity during June’s heat wave. Homeless people, he said, are vulnerable to very hot and very cold weather not only because they live outside, but they often can’t regulate body temperature due to medication for mental illness or high blood pressure, or because of street substance use.

The Phoenix team searches for patients in homeless encampments in dry riverbeds, sweltering alleys and along the canals that bring water to the Phoenix area. About 15% are dehydrated enough for a saline drip.

Extreme Heat Homeless Health Care
Phillip Enriquez, left, and Alfred Handley receive intravenous saline solution from a Circle The City mobile clinic, Thursday, May 30, 2024 in Phoenix. 

Matt York / AP


“We go out every day and find them,” said nurse practitioner Perla Puebla. “We do their wound care, medication refills for diabetes, antibiotics, high blood pressure.” 

Puebla’s street team ran across Handley and 36-year-old Phoenix native Phillip Enriquez near an overpass in an area frequented by homeless people because it’s near a facility offering free meals. Across the road was an encampment of tents and lean-tos along a chain-link fence.

Enriquez sat on a patch of dirt as Puebla started a drip for him. She also gave him a prescription for antibiotics and a referral to a dentist for his dental infection.

Living outside in Arizona’s broiling sun is hard, especially for people who may be mentally ill or use sedating drugs like fentanyl that make them less aware of their surroundings. Stimulants like methamphetamine contribute to dehydration, which can be fatal. Dr. Matt Essary, who works with Circle in the City’s mobile clinics, said the organization also often treats surface burns that can happen when a medical emergency or intoxication causes someone to fall on a sizzling sidewalk. 

Extreme Heat Homeless Health Care
Nurse practitioner Perla Puebla prepares a intravenous saline solution outside a Circle The City mobile clinic, Thursday, May 30, 2024 in Phoenix. 

Matt York / AP


Temperatures this year have reached 115 degrees in metro Phoenix, where six heat-related deaths have been confirmed through June 22. Another 111 are under investigation, and the city is seeing an “increasing” number of patients with heat illnesses every year, according to Dr. Aneesh Narang, the assistant medical director of emergency medicine at Banner Medical Center-Phoenix, which treats many homeless people with heat stroke.

Narang’s staff works frequently with Circle the City, whose core mission is providing respite care, with 100 beds for homeless people not well enough to return to the streets after a hospital stay.

Extreme heat worldwide requires a dramatic response, said physician assistant Lindsay Fox, who cares for homeless people in Albuquerque, New Mexico, through an initiative run by the University of New Mexico’s School of Medicine.

Three times weekly, Fox treats infections, cleans wounds and manages chronic conditions in consultation with hospital colleagues. She said the prospect of more heat illness worries her.

Highs in Albuquerque can hit the 90s and don’t fall enough for people living outside to cool off overnight, she said.


How soldiers use this fast, cheap solution to quickly cool down in intense heat

03:33

“If you’re in an urban area that’s primarily concrete, you’re retaining heat,” she said. “We’re seeing heat exposure that very quickly could go to heat stroke.” 

Serious heat stroke is far more common in metro Phoenix, where Circle the City is now among scores of health programs for the homeless in cities like New York, San Diego and Spokane, Washington. 

Circle the City works with medical staff in seven Phoenix hospitals to help homeless patients get after-care when they no longer need hospitalization. It also staffs two outpatient clinics for follow-up.

Rachel Belgrade waited outside Circle the City’s retrofitted truck with her black-and-white puppy, Bo, for Essary to write a prescription for the blood pressure medicine she lost when a man stole her bicycle. She accepted two bottles of water to cool off as the morning heat rose.

“They make all of this easier,” said Belgrade, a Native American from the Gila River tribe. “They don’t give you a hard time.” 



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