RSS FeedSome discouraged buyers should stop looking for their "forever home" and start looking for their "get my foot in the door to start building equity" home.
NEW YORK – The average rate on the standard 30-year fixed mortgage rose to 7.09%, according to Freddie Mac's latest weekly survey. Some experts say that's close to an expected high and predict that they'll drop at least a bit by the end of the year.
But some expect rates to remain high for a longer time.
Financial advisers say homebuyers shouldn't bet on future rates and try to time the market because no source can accurately predict what will happen. Instead of trying to bet on the direction of rates, potential homebuyers should focus on what they can control, such as their budgets and choice of property.
