How to Get the Best Mortgage Rate

Updated on April 10, 2026: This story was originally published on November 14, 2023, and has been updated with new information.

After hitting record lows in 2020, mortgage rates began to rise in 2022, peaking around 8% in October 2023, before slowly beginning to decline. Through 2024 and 2025, we saw rates in the 6 and 7% range, though there were frequent fluctuations with average 30-year mortgage rates going up and down, as high as 7.22% and as low as 6.08%. As of April 9, 2026, the average 30-year fixed mortgage rate is sitting around 6.37%.

If you are shopping for a home, this may leave you asking three important questions:

1. What causes mortgage rates to change?

2. Should I wait for rates to go down before buying a house?

3. How can I get the best interest rate when buying a new home in Florida?

Fret not, my friends – we are here to help answer these important questions!

1. What causes mortgage rates to change?

In 2022, inflation had reached its highest level in decades, and the Federal Reserve (Fed) made multiple increases to the federal funds rate in an effort to lower inflation, or in other words, slow the rise in prices of consumer goods. In 2024, they reversed course and lowered the federal funds rate, with many expecting mortgage rates to follow. Instead, mortgage rates rose for several weeks, leaving many consumers (as well as market observers) wondering why.

Without getting too deep into economics, a brief explanation is that the federal funds rate is the interest rate at which banks lend money to one another for short-term. Mortgages, however, aren’t short-term – the most common mortgage type is a 30-year fixed mortgage. Therefore, mortgage rates more closely follow the 10-year treasury yield than the federal funds rate.

Let’s break down what this means:

• Federal Reserve actions do not determine mortgage rates, though they do influence them.
• Mortgage rates follow the movement of the 10-year Treasury note. This is based not only on the federal funds rate, but also on factors such as market risk, inflation, economic data, and even geopolitical events.
• Mortgage rates slightly fluctuate all the time. A rate you are quoted today could be slightly lower or higher tomorrow.

I think what most people want to know is, are mortgage rates going down soon? I don’t have a crystal ball to see the future, but I can say that today’s mortgage rates are about 0.25% lower than they were one year ago, and experts are cautiously optimistic about the economy in 2026, with most expecting rates to stay steady or decline.

When rates change, experts expect that to happen slowly. This brings us to #2…

2. Should I buy now or wait?

This one’s easy: If you are financially ready to buy a house now, buy now.

Waiting is a gamble, and it may not work in your favor. Lower rates tend to entice more homebuyers to the market, and an increase in demand tends to increase prices, negating any potential decrease in rates. Not only that, but there is also no certainty that rates will decline – in fact, interest rates could go up, and end up costing you more.

Rather than risking it, leverage tools and incentives available to you today. After all, buying a home is about fulfilling your needs and dreams, and why put that on the back burner?

3. How can I get the best interest rate when buying a new home in Florida?

Remember the tools and incentives we mentioned? Here’s the part when we tell you how to get the best deal, now.

The great news for today's homebuyers is that many sellers are offering concessions or incentives to help make homebuying more affordable. At Highland Homes, we're dedicated to not only building dream homes but helping homebuyers fulfill the American Dream of homeownership. That's why, for a limited time, we are paying up to 2.5 points to buy down your interest rate, meaning you can secure a rate in the low 5% range with Highland Homes.

And that's not all - when you finance with our lender partner, Home Solution Lenders, we'll also pay all of your closing costs, and you're eligible for a ‘buy now, refinance later’ offer, so when rates do drop, you can take advantage of that!

It’s as easy as 1-2-3:

1. Find your dream home by Highland Homes, with beautiful homes available now in desirable Florida communities.

2. Finance your new home purchase with Home Solution Lenders, a full-service mortgage lender and Highland Homes Lender Partner offering great financing options and customer service from a locally-based team.

3. If rates drop, refinance! The Refinance Smarter program offered by Home Solutions Lenders means you can buy your dream home now, and if rates drop in the next 6 to 24 months, Home Solutions Lenders will help you refinance your mortgage and provide you with a lender credit to reduce refinance fees.

The Bottom Line

This is a great time to buy a home, and working with a trusted New Homes Specialist and Mortgage Lender will help you take advantage of the best possible rates and opportunities to own the new home of your dreams – today!

Highland Homes builds new homes designed for your life in top Florida cities and works with Lender Partners committed to providing you with the best financing options and the highest level of service. To find your dream home in Florida, call or email our New Home Specialists today!

Programs available as of April 10, 2026. For informational purposes only and not a guarantee to lend. Program restrictions apply. Must build with Highland Homes and close on a loan with Home Solution Lenders to be eligible for Refinance Smarter. Other limitations apply. Programs subject to change without notice.