With a new unemployment report scheduled for release this week, a new inflation reading slated to be released next week and a Federal Reserve meeting on the calendar for June 16 — the first such meeting since April — there are plenty of items that can drive mortgage interest rates in new directions this month. And with mortgage interest rates up by around half a percentage point, on average, from where they sat in mid-April, that may not be a good thing for borrowers.

That said, today’s mortgage rates are still marginally improved from where they were in recent years, and locking one in now, before the June Fed meeting even begins, could be the right move to make for many potential homebuyers. To improve their chances of success, however, borrowers who are looking to buy a home or refinance their existing mortgage loan should know both what moves to make and which costly mistakes to avoid.

 

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