Mortgage rates dos and don'ts that borrowers should know now

MoneyWatch: Managing Your Money Mortgage rates dos and don'ts that borrowers should know now We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson June 9, 2026 / 3:05 PM EDT / CBS News Add CBS News on Google Borrowers will need to take a strategic approach in today's elevated mortgage interest rate climate. sakchai vongsasiripat/Getty Images The mortgage interest rate environment is constantly changing, and it's doing so in noticeable ways. Case in point: Mortgage rates dropped by around a full percentage point in 2025, down from the approximate 7% they started the year at for 30-year terms. By March 2, 2026, however, the average rate on the same loan term was just 5.75%. Not even two months later, however, that same rate was 6.62%, up by around a full percentage point on May 21 despite the Federal Reserve keeping its federal funds rate frozen during that period. And this surge could continue into the summer, giving homebuyers who had planned to purchase a home much to contemplate before taking action.But that doesn't mean that homebuying can't still make sense and even be advantageous, especially if you're renting a home in the interim and not building equity. To better determine your next steps in this unusual climate, it helps to know some important and timely mortgage rate dos and don'ts. Below, we'll outline four specific ones for borrowers to consider now.Start by seeing what mortgage interest rate you currently qualify for here.Mortgage rates dos and don'ts that borrowers should know...