Mortgage rates have fallen slightly since the start of the week

Mortgage rates are on the rise and many professionals expect this trend to continue.

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Overall, mortgage rates continue to climb this year – a trend some pros expect to continue – although rates are down slightly from the start of the week. National average mortgage rates for 30-year fixed loans fell slightly from 5.44% on Monday to 5.35% on May 26, according to Bankrate data released today. Meanwhile, average 15-year fixed mortgage rates rose to 4.67% from 4.73% on Monday. You can see the lowest rates you could qualify for here.

Mortgage rates have been steadily rising over the past few months, and many economists and real estate experts predict this trend will continue. Steve Reich, chief operating officer at Finance of America Mortgage, recently told MarketWatch Picks, “It’s possible we’ll see another uptick soon — only time will tell.” Although others say a rate cap could be close: “It’s even possible that rates will cap in the next few weeks or months and then stay flat or even come back down from there,” Robert Heck, vice president of mortgages at Morty, recently told MarketWatch Picks.

While these daily rate fluctuations are small, even small movements can add up to thousands of dollars over the life of a loan. That’s why the pros encourage homebuyers to lock in the lowest rate available to them. (You can see the lowest rates you could qualify for here.) But even if you can’t get a rate as low as you hoped, experts say that if you’ve found a home you love and you’re offering yourself, it’s not worth holding on until rates drop (after all, they might not for a while) and potentially miss out on a home.

To ensure you get the best rate and terms, get quotes from 3-5 lenders. Make sure your credit score is high, your finances are in order, and your debt-to-income ratio (DTI) is at or below 36%. To calculate your DTI, divide your monthly debt payments (mortgage, credit card payments, car, student or personal loans, child support) by your gross monthly income. Here are eight tips for getting the lowest mortgage rates.

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