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3 mortgage mistakes to avoid before interest rates drop
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Homebuyers coping with elevated mortgage interest rates have seen some relief in recent months as the average rate on a 30-year loan dropped slightly. After hitting its highest level since 2000 last year, and moving close to 8% last November, the average mortgage interest rate is now 6.57%. And that’s likely to fall further in the coming weeks and months.
Thanks to a consistently cooling inflation rate (it dropped again in July for the fourth consecutive month), cuts to the federal funds rate now appear imminent. Currently frozen at a range between 5.25% and 5.50%, many economists are predicting a 25 basis points cut in September, while others are expecting a full half-percentage point reduction. When that happens, mortgage interest rates will adjust, too.
Understanding this dynamic, then, homebuyers should be strategic in their approach. This extends to some simple but easy-to-make mistakes that should be avoided in today’s evolving rate climate. Below, we’ll detail three specific mortgage mistakes to avoid before interest rates drop.
Are you in the market to buy a home now? See how low of a rate you could secure here today.
3 mortgage mistakes to avoid before interest rates drop
A cooling rate climate means homebuyers will need to change their approach. Specifically, they’ll want to avoid the following three mistakes:
Locking in a rate
During times of rate hikes, as we’ve experienced over much of the last two years, it behooves buyers to lock in a rate before closing to ensure that they don’t get stuck paying even more in the future. But that’s no longer the case. It would be a mistake to lock in a mortgage rate right now, despite the recent cooling, when the odds of a greater reduction in mortgage interest rates are as substantial as they appear. Instead, use this time to shop around to see which lenders are offering the most competitive rates right now, that way you’ll know which one to use when it does come time to lock in a rate.
Start shopping for mortgage lenders online now.
Being unprepared to act
In a changing rate climate, buyers should be as prepared as possible. You won’t want to miss a below-average rate opportunity by not having your paperwork prepared or by having subpar credit when it comes time for a lender to run a check. But being prepared doesn’t just mean being ready to open a loan. It also extends to homebuying overall. If you find your dream home you’ll need to be prepared to act to secure it, particularly as more homebuyers presumably enter the market as rates cool. Know your budget now — and what you can and can’t afford — so that you can make an aggressive offer should you find the home you want.
Not knowing the repercussions of waiting
It can be tempting to wait for interest rates to drop as far as possible before buying a home. But that could be a major mistake. Interest rate drops could complicate the homebuying process, by adding more buyers to compete against. Home prices could also rise as sellers note the competition for their homes. So while waiting for an interest rate drop, on paper, seems smart, it would be a mistake to not thoroughly understand the repercussions of doing so. In some instances, it may be smart to simply buy a home now, even with a slightly higher rate, and then refinance in the future versus dealing with more competition and higher prices in the months and (potentially) years to come.
The bottom line
Homebuyers have waited a long time for mortgage interest rates to drop but they shouldn’t let their excitement cloud their better judgment, particularly now. Specifically, they should avoid the temptation to lock in today’s lower rates with the chance of those rates falling even further soon substantial. But they should be prepared to act, both with a lender and in terms of making offers on for-sale properties. And they should be cognizant of the potential complications that may arise once rates do cool – and weigh the benefits of waiting for that to happen versus buying a home now. By avoiding these errors now, buyers will better position themselves to enjoy the benefits of a cooler mortgage rate environment, both now and in the months and years to come.
Have more questions about buying a home now? Learn more about your options online.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.