Compare mortgage rates in Miami.

Introduction to Mortgage Rates

Understanding mortgage rates in Miami is crucial for anyone interested in buying a home there.

This guide will break down how these rates are determined and explain how you can work to secure the best rate possible in your specific situation. Whether you’re a first-time buyer or a seasoned homeowner looking to refinance, knowing more about what influences mortgage rates in Florida can help you make well-informed decisions. Buying a home is a milestone, and the more you know about what you’re doing, the smoother the process is likely to be -– and the happier you’ll probably be with the results.

Where Mortgage Rates Come From

Mortgage interest rates are not the same everywhere or for every individual. They’re strongly influenced by the bond market, with the 10-year U.S. Treasury Note as the primary benchmark for lenders. When interest rates on the note rise, mortgage rates typically go up as well. Unsurprisingly, the housing market also plays a key role. A strong housing market, combined with increasing inflation, can nudge mortgage rates higher.

Mortgage rates are also personalized to the borrower. The rate you are offered is influenced by your credit score, in particular. The higher your score is, the lower the rate you’ll probably be offered. Making a larger down payment can also decrease your interest rate, since lenders often consider borrowers who have more equity in their new home a lower default risk.

Your debt-to-income (DTI) ratio is an important metric as well. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum. In Miami, all these factors play a significant role in the determination of mortgage rates.

See how your debt level may affect your mortgage

Use SoFi’s debt-to-income calculator to determine your personal DTI number..

How Interest Rates Affect Home Affordability

Mortgage rates have a significant impact on your home’s affordability, as they directly influence how much house you can afford.

Let’s look at an example. On a $400,000 loan, a 6.50% interest rate would yield a $2,528 monthly payment. But if the rate jumps to 7.00%, the payment increases to $2,661.

And it’s not just the monthly difference that matters. Over 30 years, the borrower with the lower rate would save almost $48,000 in interest. This is especially important to consider if you’re in the market for a home in Miami, where home prices can be high.

The term of your loan also has an impact on what you pay. A shorter term may mean higher monthly payments, but it also saves you money in interest over the lifetime of the loan. The table below shows how much difference changes in your interest rate and loan term can make on a $300,000 fixed-term loan.

Miami Mortgage Rate Trends

Looking at historical mortgage rates in Miami can help you get a sense of what to expect. Although rates have increased in recent years, they’re still lower than the historical high. In October 1981, for example, weekly rates peaked at 18.63%. Today, rates in Miami are near the 50-year average.

Should You Wait for Interest Rates to Drop?

Many prospective homebuyers wonder if they should postpone their purchase until rates in Miami dip. Current forecasts, however, suggest that rates are likely to remain relatively stable in the near term. According to March 2025 financial commentary, the average mortgage rate is expected to end the year at approximately 6.30%.

It’s worth noting that you can always explore the option to get a mortgage refinance later if rates happen to decline.

See How Miami’s Costs Stack Up

At 120.9% of the national average, the cost of living in this energetic and culturally diverse city is high but still affordable for many homebuyers eager to enjoy the city’s exciting atmosphere and warm weather. It’s important to consider Miami’s cost of living if you’re thinking of buying a home here, since it will have an impact on property prices. It also influences how easy it will be to fit mortgage payments into your budget.

Here’s how Miami compares to other Florida cities on an index where 100 equals the average cost of living in the U.S.

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Get Your Best Possible Rate in Miami

To secure the best mortgage rates in Miami that you can get, consider taking these steps.

•   Review your credit score. If it’s not where you’d like it to be, work to build a stronger credit history.

•   Lower your debt-to-income (DTI) ratio. You can do this by paying down as much debt as you can.

•   Increase your down payment. Savings and gifts from friends and family can both be used to up the amount.

•   Compare rates from different lenders. There can be variations, so it’s worthwhile to review the full range of rates available to you.

•   Consider going through the mortgage preapproval process. This will give you a better idea of what you can afford.

Tools & Calculators

Mortgage tools and calculators can help you make well-informed decisions about Miami mortgage rates, especially if you’re buying your first home. For example, a mortgage payment calculator can help you determine what your monthly payments would be for different loan amounts, interest rates, and repayment terms. This can help you understand how various Miami mortgage rates can affect both your monthly budget and your long-term financial goals.

Below are three mortgage calculators that may be useful.

Types of Mortgages Available in Miami, Florida

There are many different kinds of mortgages that would-be homeowners can access in Miami. With conventional home loans, you’ll generally need a credit score of 620 or above. Fortunately, the median score for a resident of Miami is 652.

If your score’s a bit lower, there are other types of mortgage loans, too. FHA loans are a popular choice thanks to their more lenient credit requirements and lower down payments, while VA loans don’t require down payments and offer potentially lower interest rates. Let’s take a closer look at some of your choices.

How to Evaluate Loan Offers in Miami, Florida

A competitive mortgage rate is the cornerstone of smart savings over the life of your loan. Even half a percentage point can add up to substantial savings, as we’ve already seen.

That’s why it’s so critical to compare the different interest rates and terms you’re offered by various lenders. And don’t forget to look at the annual percentage rate (APR), which includes fees, closing costs, and mortgage points.

Once you’ve settled on an offer, you might want to lock in your rate for up to 90 days if you’re concerned about rates going up. This may require a fee, depending on your lender.

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Miami Mortgage Resources

Florida has many resources for aspiring homeowners, particularly if you qualify as a first-time homebuyer or have limited financial means.

The Florida Housing Finance Corporation administers programs such as the Florida Hometown Heroes program, which provides lower than market rates on FHA, VA, and other specified loans as well as assistance with down payments and closing costs for first-time homebuyers who work for Florida-based businesses or are serving in the military. (The program considers you a first-time homebuyer if you haven’t owned a primary residence in the past three years.)

In addition, Florida Housing provides several closing costs and down payment assistance programs, too, including the Florida Assist and the Florida Homeownership Loan Program Second Mortgage, among others. Just note that these are not available as freestanding options and can only be accessed when you get your first mortgage through Florida Housing.

Closing Costs in Miami

If you’re contemplating buying a home in Miami, it’s a good idea to figure closing costs into your budget. You can generally expect these costs to include common expenses like loan origination fees, appraisal fees, and title insurance.

Closing costs typically run between 2% and 5% of your total loan value. The average cost of a home in Miami is about $590,000, so closing costs are likely to range between $11,800 and $29,500.

The exact amount you’ll be charged for these costs is influenced by a variety of factors, from the property’s value to its specific location. To keep these costs in check, be proactive with potential lenders and don’t hesitate to negotiate fees.

The Takeaway

The mortgage market in Miami, Florida, is as diverse as the city itself, offering a multitude of options for anyone looking to make a home purchase. Whether you’re new to the market or a seasoned buyer, understanding the different types of mortgages, such as ARMs, FHA, and VA loans, can help you find the best fit for your needs. Staying in the know about the current mortgage rates in Miami and the available assistance programs can help you make sound financial decisions that will set you up for successful homeownership.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Will mortgage rates drop in Miami, Florida?

Many economists are predicting that mortgage rates will remain fairly consistent through the end of 2026, but it’s impossible to know for sure. Watching where rates are going can be helpful when you want to buy a home. But working on your financial situation -– strengthening your credit score, paying down debt, saving up a down payment -– will help you be ready to act when the moment is right.

Will mortgage rates ever be normal again?

Mortgage rates have certainly risen since the lows of the Covid-19 pandemic, but they’re still significantly lower than the peaks seen in earlier decades. That suggests that, looked at historically, today’s rates may be “normal.” For most would-be homebuyers, focusing on assessing and improving their financial standing is probably more productive than waiting for mortgage rates to drop.

How do I lock in a mortgage rate?

To find the best possible mortgage rate available to you, comparison shop offers from different lenders. After you’ve chosen the offer you like, ask your lender about locking in the rate. Rate locks, which usually last between 30 and 60 days, are sometimes free but often cost between 0.25% and 0.50% of the loan amount.

How do mortgage interest rates function?

Mortgage interest is essentially the fee you pay your lender for the privilege of borrowing money to buy a home. Your mortgage interest rate tells you how much that fee will be. It’s usually expressed as a percentage of your loan amount. With a fixed rate loan, that percentage never changes and you pay the same amount every month for the life of your loan. With a variable or adjustable rate, the percentage can change, so you won’t necessarily know exactly what you will owe each month.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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Compare mortgage rates in Buffalo, CA.

Introduction to Buffalo, New York Mortgage Interest Rates

Where Mortgage Rates Come From

In New York and throughout the U.S., mortgage rates are influenced by a variety of factors. The bond market, and specifically the 10-year U.S. Treasury Note, often signals where mortgage rates are headed. The housing market and the rate of inflation also have an impact on the direction of rates. When the economy is strong, unemployment is low, and inflation is rising, mortgage rates will move higher. But when the economy is slowing, or if there are signs of inflation in the economy, mortgage rates often fall, making loans more affordable.

Your own personal financial profile also contributes to the mortgage rate you’ll be offered. Lenders will examine the following:

•   Credit score The higher the score, the lower the rate you’ll likely obtain.

•   Down payment Making a larger down payment can result in a lower interest rate because lenders perceive a lower default risk.

•   Debt-to-income (DTI) ratio In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.

See how your debt level may affect your mortgage

Use SoFi’s debt-to-income calculator to determine your personal DTI number..

How Interest Rates Affect Home Affordability

Mortgage rates in Buffalo can have a significant impact on home affordability for those looking to buy. A seemingly small change in the interest rate can actually make a surprisingly big difference in the total cost of a home purchase.

For example, consider a $400,000 loan at 6.50% with a 30-year term. It would carry a monthly payment of $2,528. If the rate increases to 7.00%, the monthly payment increases to $2,661. Over the life of the loan, the borrower with the lower rate ultimately saves nearly $48,000 in interest payments, a considerable sum of money. This highlights why even minor fluctuations in mortgage rates are important.

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Buffalo, New York Mortgage Rate Trends

Historical U.S. Mortgage Rates

Understanding historical mortgage rates can help you gain perspective on the current market. While rates have risen in recent years, moving away from record lows seen in 2021, they are still below historical highs observed over the last half-century (as shown in the graphic).

The chart shows how average mortgage rates in New York state tend to compare to those for the U.S. as a whole. Buffalo and its neighbors fare nicely, with New York rates trending below national averages. (The Federal Housing Finance Agency stopped tracking state averages after 2018.)

Types of Mortgages Available in Buffalo

There are different types of mortgage loans available in Buffalo, and the type you choose will be another factor in the rate you are offered. Conventional mortgages are the most common and typically require a credit score of 620 or higher. Government loans have more flexible credit requirements. Here are the most common types of mortgages:

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Should You Wait for Interest Rates to Drop?

Buffalo homebuyers might be wondering if it’s smart to wait for interest rates to drop before making a purchase. While it’s always nice to get a good deal, current predictions suggest that rates will remain relatively stable. According to Fannie Mae’s latest forecast, the average mortgage rate is expected to end 2025 at around 6.30%. So, what does that mean for you? The decision to buy a home is a personal one and depends on a variety of factors, including your budget and the current market conditions in your area. Are home prices expected to rise? If so, this might be time to buy. Do you need to buy because you recently relocated to the area or find your family growing? If so, mortgage rates may not be the top concern.

Cost of Living in Buffalo

The cost of living in Buffalo, New York, is more manageable than in other parts of the state. The median sale price for a home here is a relatively affordable $179,000, according to Redfin. But the market is somewhat competitive, and multiple offers are not uncommon. Buffalo offers a great quality of life for the money, with a variety of cultural and outdoor activities to enjoy.

Get Your Best Possible Rate in Buffalo

To secure the best possible mortgage rates in Buffalo, focus on caring for your credit score and actively lowering your debt-to-income (DTI) ratio. A higher credit score and a DTI below 36% can potentially lead to better interest rates on your mortgage. This means checking your credit report, correcting any inaccuracies, and paying bills on time. Reduce your debts as much as possible. And consider how large a down payment you can put down without pinching your budget — a larger down payment will help your chances of getting a good rate. Consider going through the mortgage preapproval process with a lender to understand exactly what your borrowing capacity looks like and what rate you’ll qualify for.

Helpful Tools & Calculators

An online mortgage calculator will be a useful tool during the process of budgeting for a new home, as will a home affordability calculator. In fact, you’ll want to keep all three of these useful calculators close at hand:

How to Evaluate Loan Offers in Buffalo

Securing a competitive mortgage rate is a project well worth your time. Even a fraction of a percentage point can add up to significant savings over the life of your loan. You’ll want to compare interest rates and fees from multiple lenders. Don’t just look at interest rates. Pay close attention to the annual percentage rate (APR), which provides a comprehensive view of the costs involved in a loan. Once you’ve found an offer that suits you, consider paying a fee to lock in your rate for up to 90 while you finalize your house hunt. It will protect you against any instability in a mortgage market where rates can be unpredictable.

Buffalo Mortgage Resources

If you’re buying your first home or have limited financial means (or both), New York offers resources and programs to support you on your journey, including down payment assistance programs. (It’s worth noting that you might qualify as a first-time homebuyer if you haven’t owned a primary residence in the past three years.) The State of New York Mortgage Agency (SONYMA) is tasked with expanding access to affordable homeownership. Its Down Payment Assistance Loan, for example, is a 0% loan for a down payment that is forgiven after 10 years.

Closing Costs in Buffalo

If you’re buying a home in Buffalo, you can expect to pay between 2% and 5% of the total loan value in closing costs. Several factors can influence your closing costs, including the home’s value and location. Costs can include loan origination fees, property appraisal fees, and title insurance coverage. Examining these costs will be part of your process when shopping around with different lenders.

The Takeaway

Buffalo is a promising spot for those seeking to establish roots in a vibrant city at a relatively affordable price. With a diverse array of mortgage options available, it’s important to stay informed and explore the various assistance programs to make the best financial decisions. Whether you’re a first-time buyer or a seasoned homeowner, carefully choosing a mortgage can significantly impact your financial well-being. Take the time to do your research, and you’ll be well on your way to achieving successful homeownership in Buffalo.

View your rate

FAQ

Will mortgage rates go down in Buffalo, New York?

While it’s hard to pinpoint the future of interest rates, keeping a close eye on economic factors like inflation and Treasury bond prices can help homebuyers get a sense of where mortgage rates in Buffalo may be going. When rates on the 10-year U.S. Treasury Note rise, rates may be headed up as well. If you’re worried about rates climbing, you can always lock in a rate that gives you peace of mind and financial security.

Will Buffalo, New York home prices ever drop?

The real estate market in Buffalo, New York has had its highs and lows, but remained relatively stable in the last few years. And with a median sale price that’s less than $200,000, it’s hard to see Buffalo’s housing prices dropping significantly in the future. (The median sale price in the U.S. as a whole is more than double what Buffalo buyers are paying.) Economic factors — supply and demand, interest rates, and local economic conditions — can significantly sway the market, so keep things like population growth and the health of the job market in Buffalo in sight.

Is it the right time to invest in a home in Buffalo, New York?

Deciding whether to buy a house in Buffalo will depend more on your personal financial readiness than on the prevailing market conditions. Mortgage rates in Buffalo play a role in overall affordability. If you are financially prepared to purchase property and you find a competitive interest rate, it could be a good time to enter the market and buy a home. However, it’s important to carefully consider your overall financial goals and the current economic climate as a whole before making such a significant decision about homeownership.

How can I lock in a mortgage rate?

To lock in a mortgage rate, you’ll need to assess your finances and shop around to find the loan with the best rate, term, and fees for the budget you have. Once you find your ideal loan, locking it in is just about making a simple call or sending a message to the lender. You’ll pay a fee to lock in your preferred rate for up to 90 days while you finalize your home purchase.

Compare mortgage rates in Los Angeles, CA.

Introduction to Mortgage Refinance Rates

Where Mortgage Rates Come From

Mortgage rates are significantly influenced by the bond market, and particularly by the movement of the 10-year U.S. Treasury Note. Generally, when the yield on the Treasury note rises, mortgage rates tend to follow suit and increase as well.

The health of the housing market and the inflation rate also play roles in determining mortgage rates. For instance, when the housing market heats up or inflation rises, mortgage rates in California may also climb. Understanding these factors can be very helpful when trying to strategically time your home loan.

Your personal financial profile also contributes to your mortgage rate. Lenders will examine the following:

•   Your credit score: The higher the score, the lower the rate you’ll be offered.

•   Your down payment: Making a larger down payment can result in a lower interest rate because lenders perceive a lower default risk.

•   Your debt-to-income (DTI) ratio. In general, mortgage lenders like to see a DTI ratio of no more than 36%.

How Interest Rates Affect Home Affordability

Interest rates play a significant role in determining how much home you can afford. The average home value in Los Angeles was $978,000 in early 2025. If you apply for an $800,000 mortgage, a 6.50% interest rate means a $5,056 monthly payment. But if the rate jumps to 7.00%, your monthly payment will also increase to $5,322. What’s really striking is how that additional interest adds up over a 30-year repayment term: The lower interest rate will save you more than $95,000.

The chart below shows how seemingly small changes in interest rates can impact your monthly payment and total interest on an $800,000 mortgage.

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Los Angeles Mortgage Rate Trends

Historical U.S. Mortgage Rates

While interest rates might feel high to some Los Angeles homebuyers, rates are lower than they have been historically, as you can see in the line chart below. In fact, current rates are near the 50-year average. The table shows how the mortgage rate in Los Angeles tends to follow the national rate, often hovering just below it. (The Federal Housing Finance Agency stopped compiling Los Angeles data after 2014.)

By recognizing these patterns, you can make more informed decisions about when to buy a home or refinance a mortgage.

Types of Mortgages Available in Los Angeles

In the Los Angeles metro area, you have a wealth of mortgage options at your fingertips. The conventional mortgage is a popular choice, but it’s not right for every financial situation. To ensure you get the best deal, take the time to compare the different types of mortgage loans.

Should You Wait for Interest Rates to Drop?

If you’re contemplating a home purchase in L.A., you might be wondering if it’s wise to hold off for a potential dip in mortgage rates. The experts at Fannie Mae, however, are predicting that rates will hold steady in the months to come, hovering around 6.30% by the close of 2025. Your financial readiness is typically a better signal of when it’s the right time to buy than mortgage rates.

You can always consider the possibility of a mortgage refinance down the line if rates do take a significant tumble.

Cost of Living in Los Angeles

The overall cost of living in Los Angeles has an impact on home prices and how you fit mortgage payments into your budget. While Los Angeles is much more expensive than the U.S. a while, it’s not the priciest area in California.

Here’s how Los Angeles compares to other California cities on an index where 100 equals the average cost of living in the U.S.

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How to Get Your Best Possible Rate in Los Angeles

To secure the best mortgage rates in Los Angeles, you’ll want to consider taking steps like improving your credit score and lowering your debt-to-income (DTI) ratio. A higher credit score and a lower DTI can lead to better mortgage rates. To strengthen your loan application and increase your chances of approval, you can also consider increasing your down payment, maintaining a steady income (this is not the time to job-hop), and going through the mortgage preapproval process with a lender.

These steps can help you demonstrate financial stability and creditworthiness to potential lenders, which can help you get more favorable terms.

Helpful Tools & Calculators

Use mortgage calculators to get a sense of your monthly payments and what you can expect to pay in total interest over the life of the loan. You should also consider other factors, such as your planned down payment amount, loan term, and interest rate type, to find the best mortgage option for your long-term financial goals.

How to Evaluate Loan Offers in Los Angeles

A competitive mortgage rate can save you thousands, and possibly much more. Make sure you compare rates and fees from multiple lenders, to get a sense of the average rates for your financial situation. Focus on the annual percentage rate (APR) — not just the interest rate — which includes fees, closing costs, and discount points.

After choosing an offer, lock in your rate for up to 90 days for a fee, if you’re concerned about rising mortgage rates.

Los Angeles Mortgage Resources

Did you know that housing assistance programs usually consider anyone who hasn’t owned a home in the previous three years to qualify as a first-time homebuyer?

California is a treasure trove of resources and programs to help you achieve your dream of owning a home, especially if you have limited financial means. The California Housing Finance Agency (CalHFA) is your go-to for various mortgage options, from FHA and VA to conventional loans, all bundled with closing cost and down payment assistance programs. For example, the CalHFA FHA loan can get you a 30-year fixed-rate mortgage with just a 3.5% down payment, and the CalPLUS FHA loan sweetens the deal with zero-interest closing cost assistance.

Closing Costs in Los Angeles

In Los Angeles, you’re typically looking at 2% to 5% of your loan amount in closing costs. For an $800,000 mortgage, that’s $16,000 to $40,000 you’ll need to come up with. These costs might include loan origination fees, appraisal fees, and title insurance. Here’s a tip: To keep these costs in check, be proactive. Shop around, compare lenders, and don’t hesitate to negotiate fees.

The Takeaway

Los Angeles’ mortgage landscape offers a variety of options for those looking to purchase a home. By keeping up with current mortgage rates and looking into available assistance programs, you can make well-informed decisions that align with your financial goals and help you achieve successful homeownership in L.A. Whether you’re buying your first home or a seasoned homeowner, understanding the various mortgage types and resources available can help you navigate the complex and often expensive process of buying a home in California.

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FAQ

Will mortgage rates drop in Los Angeles?

No one can provide a crystal-clear answer about the future of mortgage rates in Los Angeles. However, history often serves as a reliable guide. If the Federal Reserve opts to lower interest rates to give the economy a boost, you might see a corresponding dip in mortgage rates in Los Angeles. Keeping an eye on the 10-Year Treasury Note yield can give you a strong hint of which direction mortgage rates are headed.

Will mortgage rates ever go back to normal?

Mortgage rates are actually close to the historical average right now. If you’re looking for the rock-bottom rates of the pandemic era, that’s unlikely to happen anytime soon. Economists are anticipating that mortgage rates will hover around 6.30% through 2025, with only marginal movement in 2026.

Will Los Angeles home prices ever come down?

The real estate market in Los Angeles has been on the up and up, with high prices becoming the norm. Factors such as limited housing supply — exacerbated by the wildfires — and a strong demand for properties have contributed to this trend. While minor fluctuations are possible, a significant drop in prices is less likely without major economic shifts or a recession. If you’re looking to buy, understanding mortgage rates can help you make an informed decision about when to take the plunge. Armed with this knowledge, you’ll be in a great position to make your move.

How do I lock in a mortgage rate?

Locking in a mortgage rate is fairly simple. Shop around and compare offers from multiple lenders — banks, credit unions, and online lenders included. Once you’ve found a rate that speaks to you, ask the lender to lock it in, typically up to 90 days. You’ll pay a small fee in most cases, but it will guard you against rate hikes during the closing process.