As any potential homebuyer knows all too well, mortgage rates have remained stubbornly high for quite some time now. The Federal Reserve is partly to blame, as it is not planning to lower the Fed rate until inflation cools off, which in turn influences mortgage rates.
However, to be fair, “the Fed isn’t the only factor influencing mortgage costs,” said The Wall Street Journal. A multitude of personal financial factors also help determine what mortgage rate you’ll get — particularly in this rate environment. For instance, “the payoff for having a great credit score has grown as rates have risen,” as have the savings you may reap from shopping around with different lenders, said the Journal.
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