If you’ve been crossing your fingers for lower mortgage rates this summer, here’s what you need to know: it’s complicated—but not hopeless.
According to a fresh forecast from TheMortgageReports, the 30-year fixed rate nudged up to 6.86% last week. That’s still under 7%—but just barely. So, is it time to lock in your rate or wait it out?
Experts are split. Ralph DiBugnara of Home Qualified expects June rates to float around 6.875%, citing inflation that just won’t quit. Realtor.com’s chief economist Danielle Hale warns that fiscal policy concerns could push rates even higher.
So what’s a buyer to do?
→ Get pre-approved now. That golden letter still makes you stand out.
→ Don’t chase the “perfect” rate—it may not come.
→ Shop multiple lenders. Seriously, rates and fees vary more than you think.
And don’t forget—your loan type matters:
🏠 FHA (Federal Housing Administration): Low credit? No problem.
🇺🇸 VA (Department of Veterans Affairs): For service members, with zero PMI (Private Mortgage Insurance).
🌾 USDA (U.S. Department of Agriculture): Rural living, sweet perks.
💼 Conventional: Best if your credit score’s strong and stable.
Bottom line? Rates may hover near 7% for a bit. If the home is right and the payment is doable, don’t let “what ifs” stop you. Timing the market is hard—owning your future doesn’t have to be.
#MortgageRates2025 #HomebuyingTips #FHAloans #VAloans #USDAloans #ConventionalLoan #RealEstateAdvice #InterestRateUpdate #FirstTimeBuyer #HomeFinance
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