Five Ways to Shop for a Low Mortgage Rate

Rates are high this year, but you can still score a low mortgage rate with these tips.

A young couple sits with a realtor.
(Image credit: Getty Images)

Scoring a low mortgage rate is a top priority for many potential homebuyers, as owning a home has become increasingly less attainable. According to the Mortgage Bankers Association (MBA), mortgage applications decreased 2.3% from one week earlier for the week ending April 26, 2024. 

“Inflation remains stubbornly high, and this trend is convincing markets that rates, including mortgage rates, are going to stay higher for longer," Mike Fratantoni, MBA’s SVP and Chief Economist said in a statement. "No doubt, this is a headwind for the housing and mortgage markets, with the 30-year fixed mortgage rate increasing to 7.29% last week, the highest level since November 2023.”

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up
Daniel Bortz
Contributing Writer, Kiplinger's Personal Finance

Daniel Bortz is a freelance writer based in Arlington, Va. His work has been published by The New York Times, The Washington Post, Consumer Reports, Newsweek, and Money magazine, among others.  

With contributions from