With mortgage rates around 7%, home buyers are facing affordability challenges, as 60% of U.S. cities saw home price increases. To secure better loan deals, buyers should shop around for quotes, negotiate rates, consider buying down mortgage points, ask for discounts, be aware of float-down policies, and explore different mortgage terms. While the 30-year fixed-rate mortgage is common, adjustable-rate mortgages are gaining popularity. The mantra for buyers is to commit to a home and refinance later if rates drop.
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