Fed pauses interest rate hikes, offering stability for mortgage rates - Tips for homebuyers to lock in low rates while they last
• Today's interest rate pause by the Fed will likely keep mortgage rates steady for now after a period of increases.
• The Fed does not expect to reduce rates until inflation moves closer to 2% sustainably. More hikes could happen if inflation rises again.
• Strategies to get the best mortgage rate include researching lenders, improving credit score, making a larger down payment, considering mortgage points, and negotiating with lenders.
• The rate pause offers temporary stability for homebuyers, a modest win amid economic uncertainty.
• Homebuyers should take a proactive approach by following tips to lock in the lowest rate while rates are paused.