, or it can be added to your overall mortgage loan balance. And while any additional fees are generally unwelcome, they could be worth it if you could save a significant amount in your monthly mortgage. , however, you'll want to make sure that you're planning on staying in your home long enough to break even on the cost that accompanies any points purchased. Otherwise, it may not be worth it.
So, for example, if you can secure a 6.75% rate today, it's smart to lock it in. Rates could always go down between now and the time you close. But if they tick up close to 8% between that time, you'll be happy you locked in the lower rate — and saved money over the next few years.While today's mortgage interest rates are significantly higher than they had been in recent years, there are still some ways buyers can get a lower rate than what's typically available.
Finally, buyers should strongly consider locking in a competitive rate today — and not wait for the market to improve — as today's"high" mortgage interest rate could be tomorrow's"low" one.