How to beat out other buyers in a competitive market

Last week, the Federal Reserve delivered another interest rate cut– down to 4.25% from 4.5%– but it won't deliver any immediate relief for mortgage rates. For the week ending Dec. 19, rates for 30- year fixed mortgages ticked up to 6.72%, according to Freddie Mac. For the past 12 months, mortgage rates have moved between 6% and 7%, but homebuyers are "slowly digesting…