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Mortgage rates climbed to 6.72% this week, according to the latest Freddie Mac data. DeBianchi Real Estate President and Realtor Sam DeBianchi Laviola joins Wealth to analyze the implications for housing market dynamics.

DeBianchi Laviola cites studies suggesting mortgage rates will fluctuate between 6 to 7%, noting that the Federal Reserve's cautious interest rate outlook triggered this week's rate increase. However, she anticipates rates could drop to the 5-6% range in the coming year.

"We're actually in a really balanced and healthy market right now but a lot of homebuyers and sellers may not feel that because inventory is still tight," she explains. DeBianchi Laviola adds that "now is a really good time to jump in the market because sellers are generally more negotiable."

For those considering entering the housing market, she offers three key recommendations: secure mortgage pre-approval requirements, be prepared to negotiate price points with sellers, and explore various lending products beyond the traditional 30-year fixed mortgage to find the best personal fit.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith