Smart Home Buying Tips With Current Mortgage Rates

Mortgage rates remain above 7%, driven by inflation concerns and Federal Reserve rate hikes. The 30-year fixed mortgage rate rose to 7.12% amid bond market volatility. Buyers should budget for potential rate increases, allowing up to a full percentage point higher if purchasing a year out. Fall home prices are about 5% lower than in summer, offering negotiation opportunities as the market slows and inventory rises.