These are the 4 most important things homebuyers can do now, according to experts

Mortgage rates have been above 6% for the majority of 2026, and have hovered right around 6.5% over the last few months. While these are not the highest rates borrowers have seen in the last few years, they're not particularly ideal, either. At an average mortgage rate of 6.625%, a median-priced home of $403,200 would come with a monthly payment of nearly $2,600 on a 30-year loan. 

Unfortunately, rates aren't likely to drop anytime soon, either. There's little chance of a Federal Reserve rate cut at its July meeting, according to the CME Group's FedWatch Tool, and Fannie Mae predicts this year will end with rates around 6.4%. 

That doesn't mean homebuyers need to take today's high rates lying down, though. Experts say there are several strategies that can help borrowers secure lower rates — it just takes some creativity and forethought to make it happen.

"Many buyers assume getting the lowest mortgage rate is simply a matter of waiting for rates to fall," says Jose Pascual, head of mortgage and commercial banking at PSECU. "In reality, the factors they can control often have a greater impact than market timing."

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These are the 4 most important things homebuyers can do now, according to experts

Here's what experts say you can do to lower your borrowing costs when buying a home right now. 

Shop around for your lender

With mortgage rates remaining high, lenders really need to compete for borrowers' business, and offering a rate just slightly lower than another lender can mean the difference between locking in a customer and losing one.

For this reason, it's critical that today's homebuyers shop around for their lenders. 

"It's very important," says Dana Bull, a real estate expert with Compass. "My clients who shop around and speak to two to three lenders end up saving about an eighth of a percentage or more and typically get some perks like a closing cost credits from the lender."

When mortgage rates are high, the rate gap between lenders widens, according to Freddie Mac. And while getting and comparing just two mortgage rate quotes can save the average borrower $600 annually in interest, four rate quotes can more than double those savings to $1,200-plus per year. 

But experts say it's important to look beyond just the rate, too. Consider the APR, fees and other line items on the loan estimate form each lender gives you. This will allow you to determine which lender is offering the most affordable mortgage loan package in the long run. 

"While many lenders will all have similar fees, like processing fees, underwriting fees, credit report fees and appraisal fees just to name a few, the amount that each lender charges for each of these fees can vary quite a bit," says Darren Tooley, senior loan officer at Cornerstone Financial Services, LLC. "One lender may charge very little for processing and underwriting, but have much higher costs for credit reports and appraisals or vice versa. So comparing all the fees the lender is charging is important to make sure you are getting a competitive offer."

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Improve your finances

Inflation is much higher than it should be right now, so lenders are particularly wary of risk. Borrowers who improve their finances reduce that risk and improve their chances of getting more favorable loan terms. 

"The best way to get a lower mortgage rate is to consider strengthening the factors lenders use to assess risk — including your credit score, debt-to-income ratio, and down payment amount," says Bill Dawley, mortgage division manager at Amegy Bank. 

For a conventional loan, the best rates go to borrowers with credit scores of about 740 or higher and debt-to-income ratios of 36% or lower. Having a 20% down payment can help, too, as it allows you to circumvent private mortgage insurance (PMI), which adds about $30 to $70 to your monthly payment, depending on how much you borrow.

"Become financially prepared before you begin shopping," Pascual says. "Improve your credit score, reduce existing debt, and build additional savings. The buyers who have the smoothest experience usually begin preparing their finances before they start touring homes."

Compare other service providers, too

One other option is to offset higher mortgage rates with savings in other areas of your home purchase. A good place to start is the "services you can shop for," which are outlined on your loan estimate form. This section shows items you can comparison-shop for and potentially save cash. 

"Many buyers focus solely on the mortgage rate, but there can also be opportunities to save on title services, homeowner's insurance and certain closing-related fees," Dawley says. "Comparing providers and reviewing the loan estimate carefully can help buyers reduce costs while ensuring they receive quality service throughout the transaction."

Insurance is a big one to pay close attention to, as home insurance costs have skyrocketed in recent years. According to recent data, the average home insurance premium has jumped 23% in just the last three years alone.

"One of the biggest things I've seen recently where homebuyers have been able to save money is by shopping around for home insurance carriers," Tooley says. "In general, we have seen insurance premiums climb quite a bit in recent years and now more than ever, it seems that an insurance quote from one carrier to another can vary hundreds and sometimes thousands of dollars

Ask the seller to help

Sellers now outnumber buyers by almost 49%, according to Redfin. That means competition is stiff, and sellers really need to pull out all the stops to snag buyers. 

One way they do that is through concessions — meaning extra cash offered toward a buyer's closing costs, fees or even to buy down their mortgage rate. 

"Everything in real estate is negotiable, down to the furniture in the house," Bull says. "I think an underrated tool is the rate buydown. This is where you request a credit from the sellers and you use that to buy down your mortgage interest rate. This can save tens of thousands of dollars throughout the lifetime of the loan."

In May, 46% of sellers offered concessions — the highest May rate on record. 

"We're seeing buyer requests for concessions across the board regardless of price point or market area," says Anthony Askowitz, real estate broker at REMAX Advance Realty. "The most common concessions are credits towards closing costs, prepaids, escrows, and points to reduce the interest rate."

You should work with your real estate agent if you're hoping to negotiate seller concessions, but experts say the key to success is in your approach.

"Treat negotiations as means to come to a win-win situation for both parties," Askowitz says. "Collaborate with the other side rather than trying to beat each other up. What are their goals, priorities, and specific needs? Where is each party's flexibility?"

The bottom line

Waiting for the Fed to hand borrowers a lower rate could mean waiting well into 2027 or beyond — and there's no guarantee rates will fall dramatically even then. The good news is that today's buyers have more leverage than they might realize. By shopping multiple lenders, shoring up credit and debt-to-income ratios, comparison-shopping for insurance and title services and negotiating concessions with motivated sellers, borrowers can shave meaningful dollars off their monthly payment without a single Fed rate cut. In a market like this one, the lowest rate often goes to the buyer who did the most homework, not the one who got lucky on timing.