Mid-July’s mortgage rates are some of the lowest we’ve seen all year. With the average home loan selling for about 3.75%, you’ll be getting a great deal if you apply today.
To get the best interest rate, you need to know how and when to lock your rate. You also need to know how to not get taken advantage of by an unscrupulous lender.
“Many lenders do not require an upfront fee to lock. If they do, it must be applied as a credit, usually towards the discount points or another fee on the HUD-1 settlement statement that the borrower approves at closing,” says Ray Eickhoff, regional vice president of Fairway Independent Mortgage in Mill Creek, Wash.
For more expert tips from mortgage industry insiders about how to get the best rate lock and for more news about today's low mortgage rates, read my latest mortgage story for Interest.com, Summer’s mortgage rates fall to new lows — again.
And for more information on mortgages and homebuying, check out the Homebuying 101 section of my website, where you'll find links to all of my articles on how to buy a home.