Mortgage interest rates have hovered near historic lows in recent years, but change may be on the horizon.
The Federal Reserve is considering increasing the short-term interest rate it controls as early as June. That could send mortgage rates moving higher again.
For now, rates remain homebuyer-friendly. The national average rate for a 30-year, fixed mortgage fell to 3.75 percent last week. It was 4.28 percent a year ago.
That’s good news for homebuyers, who despite signs that the economy is recovering, are always looking for ways to save.
Still, landing the most affordable mortgage depends on more than getting the lowest rate. The rate borrowers qualify for hinges on several factors, including their finances, credit score and the size of the down payment they’re prepared to make. And the type of loan and the fees that come with it also determine the overall cost of a mortgage.
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