Interest rates for mortgages on July 24, 2023, have been on the rise. This affects both 15-year fixed and 30-year fixed mortgages, as well as the 5/1 adjustable-rate mortgage. These fluctuations can be attributed to the Federal Reserve’s efforts to manage inflation through rate hikes.
In light of these potential changes, two essential factors to focus on: improving your credit score and saving for a down payment. By doing so, you’ll increase your chances of qualifying for the best rates available!