720 Reporter News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Dramatically, very quickly. >> reporter: ironically, an improving economy is to blame. >> unemployment is down. the stock market is doing well. median house prices are up. people are feeling better, out there buying again so the economy does well, you will see a rising rate environment. >> reporter: you will see it in your monthly payment at 3.5% on a $250,000 home with 20% down, $898. same 30-year fixed mortgage over $1,000 at 4.5%, $115 more a month or more than $1,300 a year. down payment, credit score and income determine the rate you will pay. >> borrowers with the best rate putting 20% t...

Point in six weeks. >> the rates went up very dramatically. they went up very quickly. >> reporter: ironically an improving economy is to blame. >> unemployment is down. the stock market is doing really well. median home prices are up. people are feeling better. they're out there buying again. so the economy does well, you will see a rising rate environment. at 3.5% on a $250,000 home with 20% down, you pay about $898. the same 30-year fixed mortgage will coáu you 954 bucks at 4%. that's $56 more a month or $672 a year. down payment, credit score and d8income determine the rate youl pay. >> b...

Documentable, so they're providing w-2s and federal tax returns and they have an excellent credit score, something over 700 or 720. >> reporter: a quick closing date also helps. >> you get your best rate from a lender if you lock in for 30 days. standard to lock in for 60 days. the longer you go out the more expensive it will be. >> reporter: ask your lender about a float-down provision so your rate could be adjusted lower if rates do slip again. if you're still looking for the right house, make sure you're pre-approved for a mortgage and pay down your debt while interest rates on auto loans a...

The same 30-year fixed mortgage will cost you 954 bucks at 4%. that's $56 more a month or $672 a year. down payment, credit score and income determine the rate you'll pay. >> borrowers that are getting the best rate are putting 20% to 25% down. they have income that is documentable so they're providing w-2s and federal tax returns and they have an excellent credit score, something over 700 or 720. >> reporter: a quick closing date also helps. >> you get your best rate from a lender if you lock in for 30 days. standard to lock-in for 60 days and the longer you go out, the more expensive it will...