Navigating the Rising Mortgage Rates: Tips for Finding the Best Deals

Mortgage rates continue to rise, reaching nearly 8%, making it a challenging year for home sales due to high rates and low housing supply. To find the best deals, buyers should shop around for the best mortgage rate and consider making a larger down payment. Freddie Mac launched a tool called DPA One® to help identify and utilize down payment assistance programs. Existing home sales are projected to be the lowest in 15 years, while sales of newly built homes are performing better. The Mortgage Bankers Association's chief economist predicts that the Federal Reserve will not raise interest rates in November and expects rates to start trending down over the next two years.