00:00What do tariffs have to do with mortgage rates? The connection isn't obvious, but it is important.
00:05Scan this QR code or click the link in the description of this video to see today's
00:10mortgage rates. President Trump's tariffs have introduced a lot of uncertainty into the economy,
00:15and that's pushed mortgage rates up, even though experts expected them to go down this year.
00:20Why? Because investors aren't sure whether tariffs will lead to higher inflation or a recession.
00:26Inflation tends to drive rates up. Recessions usually push them down. So where mortgage rates
00:32go next depends on how the economy reacts. The good news is that there are still ways to snag a
00:38lower rate. Stay tuned to learn more. Let's zoom in a little on the mortgage rates that are available
00:43to you. They're affected by some factors that are out of your control, like the federal funds rate
00:48and the overall economy. But rates are also affected by some factors that are more personal, like your
00:54credit score, your down payment, and your existing debt. Right now, you can focus on the things that
00:59are in your control. Know your credit score and work on improving it. Pay off as much existing debt
01:04as you can. Save up for a down payment. And if you're a first-time home buyer, look into programs
01:10available in your state. And whether you're looking for a mortgage, a HELOC, a home equity loan, or you
01:16want to refinance, make sure you shop around. Different lenders may offer different rates. Buying or
01:21refinancing a home is rarely affordable, but mortgage rates don't have to stand in your way.
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