F
or homebuyers struggling with elevated mortgage rates, a small reduction can make all the difference. Real estate agents play a crucial role in guiding their clients through the process. When buyers have financing questions, they often turn to their agents for answers, according to a Zillow study.

    Agents should encourage their clients to shop around for the best mortgage rate, as this simple step can yield significant results. Danielle Hale, Realtor.com chief economist, found that buyers who took the time to compare rates were able to secure a loan with an average of 0.86 percentage points lower than those who didn't.

    While shopping around is the most effective option, other strategies can also make a difference. Improving credit scores can drop mortgage rates by 0.39 percentage points, increasing down payments can knock off 0.18 points, and eliminating debt can shave off another 0.05 points. While these steps may require more effort from clients, they are within their control and can be worthwhile.

    "It does require some effort, but it's worth it," Hale said. By educating buyers about their options and encouraging them to take action, agents can help their clients move forward with a home purchase despite the challenges posed by high mortgage rates.