Mortgage rates have dropped sharply, offering a window of opportunity for prospective buyers. Conventional mortgage rates now stand at 6%, with borrowers possessing a credit score of at least 740 eligible for better rates. To secure the best deals, experts recommend paying off debt, maintaining a debt-to-income ratio of 36% or less, and researching government-sponsored loans and private programs that can aid in down payment and closing costs. Additionally, shopping around for lenders can help individuals secure the lowest mortgage rate.

Source: https://www.cnet.com/personal-finance/rates-fall-for-prospective-buyers-mortgage-rates-for-aug-9-2024/#ftag=CAD590a51e