Mortgage Rates at Highest Level for Almost 2 Years
The average 30-year fixed mortgage rate increased to 3.75% – rates haven’t been this high since March 2020 — nearly two years ago.
Despite the increase, mortgage rates are still historically low — and lower than pre-pandemic levels.
Rising inflation has been cited by experts as a major factor behind rising rates.
How You Can Secure a Low Interest Rate on Your Finance
Have a good deposit of at least 10% or more of the property value is a good starting point, but other factors include having a good credit score, stable income and employment.
There are some types of employment that are favoured over others, especially ones with good stability like being a doctor, lawyer, teacher or working in the public sector. If you are self-employed, this is absolutely fine to get a mortgage but you will usually need at least two years of accounts and be profitable.
Having a good credit score is important for your mortgage rate, with the better your score, the more likely you are to get a competitive rate.
You also want to avoid having too much debt. If you have lots of cars, credit cards and other financial obligations (school fees, memberships), this can limit the amount you can borrow.
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