Advice for homebuyers on mortgage rates

Advice for homebuyers on mortgage rates Mortgage rates are on the rise and home prices are steadily climbing. The real focus should be on landing a home without buying more house than you can afford.” According to the National Association of Realtors, the average home is on the market for only three weeks before it’s sold. “Supply is low, and has been for several years,” says Frick. “This will continue because not enough new homes are being built, and those with existing homes are selling at a low rate. So, home buyers need a strategy to win a very competitive market.” Some tips to guide your strategy: research your location of choice, know what you can afford and get pre-approval for a mortgage from your financial institution. Your mortgage rate plays a role in how much house you can afford, but given rates are still below the historical average, don’t fixate on it. However, there are options when it comes to mortgage products that may help you afford the home you want. If you’re in the military, you’ll want to work with a financial institution that understands your needs. This article was produced by the creative services department of Military Times in collaboration with Navy Federal. The Military Times newsroom was not involved in its production.