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PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz1odHRwczovL3N0YXRpYy5teWZpbmFuY2UuY29tL3dpZGdldC9teUZpbmFuY2Vfdmlld3BvcnRfZGV0ZWN0aW9uLmpzPjwvc2NyaXB0PjxzY3JpcHQgYXN5bmMgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij5teWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMTUnKTtteWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfOScpO215ZmlXYXRjaFdpZGdldCgnbXlmaVdpZGdldF8xNicpOzwvc2NyaXB0Pg==Aly J. Yale is a contributing writer for Hearst, focusing largely on housing, real estate, and mortgages. She loves demystifying these sometimes complex topics and helping consumers make informed decisions about their finances. In her 15 years as a professional writer and editor, her work has been published in Forbes, Buy Side from the Wall Street Journal, Business Insider, Money, CBS News, US News & World Report, Fortune, and The Miami Herald. She has a bachelor’s degree in radio-TV-film and news-editorial journalism from the Bob Schieffer College of Communication at Texas Christian University and is a member of the National Association of Real Estate Editors. She lives by her reward-earning credit card and is holding onto her 2.75% mortgage rate for dear life.Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. This may influence which products we write about and where those products appear on the site, but it does not affect our recommendations or advice, which are grounded in research.Mobile app users, click here for the best viewing experience.Mortgage rates have been steadily rising since early last year. According to Freddie Mac, the average rate on a 30-year mortgage is now almost 7% �� more than double the rate seen at the start of 2022.Those rates have undoubtedly made buying a home more expensive. In fact, according to the Mortgage Bankers Association, the median mortgage payment is now $2,162 �� up 14% from a year ago and difficult for many homebuyers to afford. Still, it’s all in how you frame it. If you take the popular “marry the house, date the rate�� approach, experts say those higher rates might not seem all that bad.What exactly does this approach entail, though? Here’s what you need to know.What does “marry the house, date the rate�� mean?“Marry the house, date the rate�� is a popular saying these days, thanks to higher interest rates. Essentially, it’s the idea that when you buy a house in today’s market, you focus on finding the perfect fit �� a home you love and want to tie yourself to for the long haul (like a marriage). But your rate? That’s something you approach as only temporary �� someone you’d date but never really commit to. “This strategy suggests that you should prioritize finding the right home that meets your long-term needs and preferences, rather than getting overly fixated on the current interest rates,�� says Luis Carlos Perez, founder of Center Real Estate in El Paso, Texas. “In other words, focus on the characteristics of the property itself, as it's a long-term commitment, while considering interest rates as a variable that can change over time.”The key component of the “marry the house, date the rate�� approach is refinancing. If you choose this strategy, you’d take today’s interest rates as a necessary evil, and then plan to refinance your mortgage down the line �� once rates fall and you’re done “dating�� that initial rate. When is it smart to “marry the house, date the rate��?Taking the “marry the house, date the rate�� approach can be a smart strategy as long as you follow two simple rules: First, make sure your payment is one you can comfortably afford for the foreseeable future. There’s always the chance that rates won’t drop soon, so make sure you aren’t overextending yourself or putting your home at risk of foreclosure.“If you find the home of your dreams at a good price then it is always the right time to buy if you can afford the mortgage payment,�� says Melissa Cohn, regional vice president at William Raveis Mortgage. “It is not a good idea if the payments are so high that it is unaffordable.”Second, you need to get the home at a good price. This will not only help offset the cost of those higher rates (at least slightly), but it’s also the one variable you can’t go back on.As Robert R. Johnson, an author and professor of finance at Creighton University, explains, “You have the option to renegotiate your mortgage rate if rates fall, but you can't renegotiate the purchase price.”When shouldn’t you “marry the house, date the rate��?Dating the rate isn’t a good idea if you’re in a particularly hot housing market. This likely means you’ll pay an inflated price for your home �� on top of those already high mortgage rates. “It might be ill-advised to strictly follow this strategy if you are on a tight budget and the current interest rates are exceptionally high,�� Perez says. “Extremely high rates can significantly impact your monthly mortgage payments and overall affordability.”It’s also not smart if you don’t plan to stick around for a while. While refinancing can help you take advantage of lower rates later on, it does come with fees. To break even on those fees, you’ll need to be in the home long enough to save more than they cost you. (For example, if the refinance costs you $5,000 and saves you $100 per month, you’ll need to stay in the home for 50 months to make the move worth it). Other ways to deal with higher mortgage ratesRolling over for today’s high mortgage rates isn’t your only option if you want to buy a home in today’s market. For one, you can explore alternative mortgage products. While rates on 30-year loans might be near 7%, there are plenty of other mortgage loans that offer lower rates.Adjustable-rate mortgage loans, for example, usually offer much lower interest rates for the first few years of the loan, and then the rate adjusts annually or every six months. These can be smart if you know you’ll only be in the home for a few years and will sell before the rate can move upward.Shorter-term loans, like 10- and 15-year mortgages, also have lower rates. Right now, the current 15-year mortgage rate is just 6.34%, according to Freddie Mac. Another option is to buy points. Also called buydowns, these essentially allow you to pay an upfront fee in exchange for a lower interest rate. Sometimes, the seller, your agent, or even the lender may pay for these. Finally, think about buying a lower-priced house or making a bigger down payment. This reduces your loan balance and, many times, will qualify you for a lower rate (because the lender has less money on the line with your loan). “Increasing the size of your down payment holds the potential to lower the overall loan amount, and could counteract the potential impact of elevated interest rates on your monthly mortgage payments,�� Perez says. Will mortgage rates go down soon?There’s no way to tell for sure if mortgage rates will drop, but it is likely �� at least in the next few years. Cohn expects rates to be lower within the next 12 to 24 months. Fannie Mae, the National Association of Realtors, and the Mortgage Bankers Association (MBA) agree, too.MBA predicts the average rate on 30-year mortgages will fall below 5% by the end of 2024, while Fannie Mae’s projection is a 5.9% average by that time. NAR predicts a slightly higher 6% rate.It all will depend on inflation and the Federal Reserve’s actions in response to it. If inflation stays high and the Fed continues to increase its benchmark rate, mortgage rates could increase even further. If inflation cools and the Fed stops its rate hikes or reduces its rate altogether, mortgage rates could fall.The bottom lineFor now, mortgage rates are still pretty high �� especially compared to the record-low rates we saw a few years ago. And while the “marry the house, date the rate�� approach will work for some homebuyers, it’s not the right move for everyone. Always talk to a mortgage professional or financial advisor if you’re not sure what is best for your finances. And if you do opt for the “date the rate�� strategy, make sure you’re comfortable with the rate and payment you qualify for upfront. Though refinancing may be an option later on, there’s no guarantee rates will drop while you’re in the home. Make sure you can afford the initial payment comfortably �� just in case you get stuck with it.Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as the Home and Financial Services Editor for the Hearst E-Commerce team. Email her at [email protected].