Mortgage rates and buyer strategy

Mortgage rate headlines move daily, but your rate strategy should be built on a longer view. Kathleen explains how rates affect purchasing power — specifically in Bergen County where a 1-point rate swing can shift your affordable price range by $50,000 or more — and how to decide between locking now, floating your rate through the process, or considering an adjustable-rate mortgage if your time horizon is short.

She also covers the "marry the house, date the rate" debate honestly: in which scenarios refinancing later is a realistic plan, and in which scenarios buyers are setting themselves up for disappointment. Northern New Jersey's appreciation history matters here.

The episode ends with a practical rate-shopping checklist — how to compare APR vs. rate, what to ask about discount points, and why your local credit union quote deserves a spot in the comparison alongside the big bank offers.