Mortgage interest rates hit their highest point since 2000 one year ago this week. And they rose even higher by the end of 2023, hovering near 8% for 30-year mortgage loans. But as inflation dropped from over 9% in June 2022 to under 3% now, cuts to the federal funds rate and, thus mortgage interest rates, appear increasingly likely. But with the average mortgage interest rate around 6.50% right now – more than double what it was a few years ago – homebuyers may be looking for ways to get a rate even lower, and preferably below 6%, if they can.

Fortunately, there are multiple ways to do so, some of which can be combined to form an actionable plan. But buyers will need to do some calculations and be aggressive to get a mortgage interest rate below 6% right now. Below, we’ll detail three steps they should consider taking to do so.

Start by seeing what mortgage interest rate you could lock in online now.

How to get a mortgage interest rate below 6% now

Want to secure a mortgage interest rate in the 5% range now? Then consider taking these three steps:

Buy mortgage points

If you’ve been looking around for mortgage rates lately, chances are you may have already found a rate or two below 6%. But many lenders advertise available rates by incorporating mortgage points upfront. To get that rate below 6%, then, you’ll need to pay this fee. These can cost 1% of the total mortgage amount, but could be valuable for a homebuyer looking to secure the lowest rate possible right now. Just be sure to weigh the potential savings versus those that may be available in a few months or a year (approximately) by refinancing instead.

Learn more about buying mortgage points online here.

Consider an adjustable-rate mortgage

If you choose an adjustable-rate mortgage with a 3/1 framework, in which the rate stays the same for the first three years and then becomes variable and changes once per year after, you can secure a rate of 5.90% now, according to Bankrate. While a variable rate — even though it won’t change for years — isn’t necessarily desirable, it could be a smart way to proceed in today’s economy. 

Not only will this option allow you to secure a below 6% rate now, but it’ll expire when rates are likely to be lower across the board than they are now (if current projections hold). This will allow you to save money now — and again when you refinance to the prevailing, lower rate in three years.

Boost your credit score

It’s vital to remember that the lowest rates — whether advertised or quoted via an online marketplace — are reserved for those borrowers with the cleanest credit profiles and highest credit scores. To greatly improve your chances of securing a rate below 6%, then, make sure to boost your credit score as high as possible. This will take time but dramatic efforts (like paying off high-interest debt) can go a long way toward raising your score. So do as much as you can right now otherwise you’ll continue getting stuck with an above-average rate, no matter how far the rate climate eventually drops in the months ahead.

The bottom line

If you’re looking for a mortgage rate below 6% now, multiple avenues can help you get there. You’ll just need to be strategic in your approach. This involves buying mortgage points, considering an adjustable-rate mortgage, and boosting your credit score – or a combination of those tactics. It also means taking the time to shop around for lenders to find one offering the lowest rates and fees now. But the mortgage interest rate climate is changing and you’ll want to be able to take advantage when it does, so start working on these strategies now to improve your chances of getting a mortgage interest rate below 6% as soon as possible.