FRESNO, Calif. (KFSN) — Spring is typically a time when home buying picks up.<\/p>\n
With high home prices and high mortgage interest rates, that has not been the case this season.<\/p>\n
Ted Rossman is an Analyst with Bankrate, a personal finance website.<\/p>\n
He says inflation and high gas prices have also lowered consumer confidence.<\/p>\n
Rossman doesn’t see the average mortgage interest rate dipping below 6% this year unless you have very good credit.<\/p>\n
“On the seller side, we know about this golden handcuff effect where a lot of people locked in 3% or 4% mortgage rates a few years ago, and they’re very reluctant to sell right now,” he said. “Maybe they’re more enticed if they can get a 5 1\/2% rate. “<\/p>\n
Rossman says it is important you improve your credit rating before house-hunting.<\/p>\n
He says make sure you shop around and get estimates from different lenders because small variations in that interest rate represent a large amount of money.<\/p>\n
“The difference between a 7.1% mortgage rate and a 6.4%, that’s about 3\/4 of a point,” he said. “That’s $54,000 in interest over 30 years if you’re buying a $400,000 home.”<\/p>\n
For current homeowners looking for ways to pay off their mortgage early, Rossman has a tip that worked perfectly for himself.<\/p>\n
“Even if you make one additional monthly payment every year, that can actually trim about six years off the typical 30-year mortgage cycle, and that right there could save you tens of thousands of dollars in interest,” he said.<\/p>\n
One extra mortgage payment a year can make a big difference in your budget.<\/p>\n
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