Whether your a new home buyer or a repeat buyer, there are a handful of topics that you need to pay attention to in order to insure that your decision making is based on solid ground.

The location, the feel, and the price of your home are the most important considerations. Finding the right house and thinking about how much the house is worth tend to dominate the decision making process. And rightfully so.

But there is another important component of the decision to watch: mortgage interest rates.

Most everyone knows that getting a good rate is important. But most people tend to see the mortgage rate as something that they can't control, so they go on with the other considerations and leave the mortgage rate to take care of itself.

While it's true that you ultimately have to accept the rate that the market provides when you're ready to buy, it is worth your while to pay attention to rates. I recommend that you start to follow mortgage rates at least six months before you plan to buy. Depending on other circumstances, you may be able to get a better rate by postponing or accelerating when you lock in your mortgage rate.

Most importantly, I'm a strong believer in the value of educating yourself. Even if you can't get the rate you want, knowing more about how rates fluctuate and what rates have been in the past will give you more confidence when making your decision.

Buying a house is a complex decision and a major investment. Knowing the basics about mortgages and mortgage rates will increase your appreciation of how your investment in real estate works. When dealing with a large and important decision, it's better to err on the side of learning too much. Ask your real estate agent or lender to help you learn more about rates and watch the newspapers or websites to track the ups and downs of mortgage rates.  

Dean Rock is a full-service real estate professional at Coldwell Banker in Lancaster. Dean's professional and volunteer activities are focused on long term health of Lancaster County's economy and society.  Dean's areas of interest include historic homes, land preservation, low-income home ownership, education and youth social work. Click here to learn more about Lancaster PA real estate.