Homebuyers face uncertainty due to rising mortgage rates, now near 7%, and high living costs. Buyers should "rate-proof" by budgeting for rate fluctuations: up to 100 basis points over 12 months, 75 over six months, and 50 over three months. This affects loan amounts and monthly payments significantly. Experts advise preparing for higher rates, reducing other debts, boosting savings, and considering options like rate buydowns or seller concessions to maintain affordability.
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