3 sneaky mortgage loan traps to avoid this spring, according to experts

MoneyWatch: Managing Your Money 3 sneaky mortgage loan traps to avoid this spring, according to experts We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Tim Maxwell Tim Maxwell Tim Maxwell is a freelance writer who covers investing, real estate, banking, credit education and other personal finance topics. Read Full Bio Tim Maxwell April 7, 2026 / 10:27 AM EDT / CBS News Add CBS News on Google There are a few mortgage-related traps to watch for if you're planning to buy a home this spring. Designer491/Getty Images Spring is traditionally one of the best times of the year to buy a home. It's easier to view homes in the warmer weather, and parents can often time a home purchase to coincide with a summer move. Unfortunately, though, today's mortgage interest rates aren't as attractive this spring as they were in late February, when they dipped to under 6% on average. Since that point, the Iran conflict and broader economic uncertainty have pushed bond rates up, and mortgage rates have followed suit. In turn, mortgage rates are now averaging about 6.4%. Meanwhile, the Federal Reserve held the benchmark rate steady at its March meeting, which it is widely expected to do again at its meeting later this month. Not surprisingly, some homebuyers are now pausing their plans. Those who are still in the market, though, are looking for the best deals possible to save money, and while some mortgage loan options may look generous on the surface right now, if you dig deeper, they could actually cost you more than they save.Find out how affordable your mortgage loan could be now.3 sneaky mortgage loan traps to avoid this spring, according to experts  We asked mortgage experts to identify the most common loan traps you should watch for this spring. Here's what they say to keep an eye out fo...