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Mortgage rates have been on a bit of a rollercoaster ride these past few weeks. In late September, they got tauntingly close to 6%, but then crept back upward. And as of this writing, they’re not so far off from 7%.

If you’ve been waiting to sign a mortgage, you may be hoping that mortgage rates somehow reach the 6% mark by the end of the year. But whether that’s likely is pretty up in the air at this point.

Mortgage rates remain stubbornly high

In late September, it was looking like mortgage rates would drop below 6% before the end of the year. But then that downward streak ended, leaving would-be home buyers miffed and confused.

One of the trickiest things about trying to time a mortgage application just right is that mortgage rates don’t always rise and fall in accordance with the Federal Reserve’s benchmark interest rate like other loan rates tend to.

Case in point: The Fed has lowered interest rates twice this year — once in mid-September and once in early November. But mortgage rates actually started falling before the Fed announced a rate cut in September. And once that cut happened, rather than fall further, mortgage rates started an upward climb.

Because of this, it’s hard to figure out whether mortgage rates will decline to 6% by the end of the year. You could almost make the argument either way.

How to score the lowest possible rate on a mortgage

Regardless of where mortgage rates are sitting in general, you can take steps to lock in as great a deal as possible. First, aim to boost your credit score — unless, of course, it’s already at about 800 or higher. In that case, keep doing what you’ve been doing.

You can give your credit score a lift by paying bills on time, reducing credit card balances, and making sure there are no errors on your credit report. It’s also a good idea to shed some of your debt in general, because mortgage lenders will look at your debt-to-income ratio when deciding whether to approve your application and what rate to give you.

If you owe money on credit cards, a car loan, and a personal loan, work on the credit card balances first. Chances are, they have the highest interest rates. And paying off credit cards specifically can help your credit score improve quickly.

But if you don’t owe money on credit cards, you can improve your debt-to-income ratio by getting your total debt to as low a level as you can manage. At the same time, make sure not to take on more debt if you expect to sign a mortgage in the somewhat near future.

Finally, shop around for a mortgage once you’re ready to sign one. You might get an offer from a lender that looks great. But if you don’t compare your options, you could end up missing out on an even better deal. Check out this list of the best mortgage lenders to get started.

Whether mortgage rates will go as low as 6% by the end of the year is anybody’s guess. But no matter where they land, don’t overlook the steps you can take to set yourself up with a more affordable home loan.

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