Should you lock in a mortgage interest rate this August? Here’s what experts think.

The last few years have provided a challenging landscape for prospective homeowners and those looking to refinance their mortgages. Many would-be borrowers have sat on the sidelines as elevated home prices and high mortgage rates have made financing options less affordable.

Fortunately, the housing market is beginning to show positive signs, such as mortgage rates dropping to a four-month low in July. According to Freddie Mac data, the average mortgage rate on a 30-year fixed-rate mortgage is 6.73%, around a point lower than it was toward the end of 2023.

With mortgage rates dropping, then, it may be wise to consider locking in a mortgage rate now, depending on how rates are expected to move in the future. We asked some experts for their suggestions, broken down below.

 

continue reading »