Hope Leitner, Realtor®, CRS

  Chances are you’re hearing a lot about  mortgage rates  right now. You may even see some headlines talking about last week’s  Federal Reserve  (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do. The truth is,  mortgage rates  are impacted by a  lot of factors : geo-political uncertainty,  inflation  and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky. That’s why it’s generally not worth it to try to  time the market . There’s too much at play that you can’t control. The best thing you can do is control the controllables.   And when it comes to rates, here’s what you can influence to make your moving plans a reality.   Your Credit Score Credit scores can play a big role in your mortgage rate. As an article from CNET explains: “ You can’t control the economic f...

Credit scores are used to assess risk and determine whether a borrower is approved or declined for a mortgage, credit card or some other type of credit.   The score is a numerical value ranging from a low of zero to a high of 850 or 900 depending on the credit bureau. The higher the score, the more likely the lender will be repaid in a timely manner. A higher credit score could help you get a lower interest rate You can get a free credit report from all three major bureaus at www.AnnualCreditReport.com . Your credit score doesn't have to be perfect to get a loan ... most lenders want buyers to have a minimum of 620 but FHA will consider as low as 500 Credit utilization, the percentage of credit used compared to what is available, should be kept below 30%; amounts higher could negatively affect your credit score. There is a difference between a soft and a hard credit pull.   The former doesn't hurt your score, but the latter can lower it a few points.   Try t...