As mortgage rates continue to fluctuate in the current housing market, homebuyers are experiencing a "Fear of Missing Out" (FOMO) season. Historically low mortgage rates may entice buyers with the promise of increased affordability, but the ever-changing nature of rates can catch them off guard. Urgency to lock in favorable mortgage rates before potential increases can lead to impulsive decisions, resulting in overpaying for properties or committing to loans that may not align with long-term financial goals. Thorough research, guidance from trusted professionals, and awareness of the tricks and pitfalls of mortgage rates are crucial for homebuyers navigating the FOMO season in the mortgage market.
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