(MONEY Magazine) – It's hard not to get nostalgic for 1993, when the 30-year fixed-rate mortgage took a world-class dive to a floor-scraping 6.7%. But listen up: Despite 1994's rate rise, today's 8.7% fixed is still the lowest since April 1974. More welcome news: According to an exclusive survey by real estate brokerage Century 21 of prices for typical three-bedroom homes in the 300 biggest U.S. metropolitan areas (ranked in our Best Places to Live story on page 126), most areas have posted robust price gains of 5% or more over the past year. Tops in appreciation: Cincinnati. Still, with mortgage rates expected to edge up another half a percentage point by early '95 and the pace of home sales starting to slow, here are three ways to get the most for your money today if you're a buyer -- plus a tip for sellers. 1. When house hunting, consider hiring a buyers' broker. About two-thirds of all real estate brokers today work as so-called buyers' brokers at least some of the time; they help you research property values, strategize bidding and close the sale. The pro can ultimately save you 5% or so by bargaining down the purchase price. Be sure you understand how the broker will get paid; there is great variation, from a flat fee to 2% or so of the sales price. 2. If you want an ARM, go for 10. Although most adjustable-rate mortgages now carry a low initial rate of 5.6% or so, that rate is sure to climb by the maximum of two percentage points after the first year -- and it could reach its maximum allowable high of 11.6% by the fourth year. If you're still tempted by the low initial rate, look at the new 10/1 ARM. Offered by most lenders, it has an 8.1% fixed rate for the first 10 years and a rate that adjusts yearly for the next 20. It's a wise choice if you expect to move within a decade since the initial rate handily beats a 30-year fixed's, says Keith Gumbinger, an analyst with HSH Associates, a mortgage research firm in Butler, N.J. 3. Trade-up buyers: Investigate low-down-payment loans. Thanks to intense competition, lenders are more willing than ever to accept down payments as low as 10% -- and even 5%. Putting down less than 20%, however, means purchasing private mortgage insurance (cost if you put 10% down on a $100,000 house: about $450, plus $25 a month). You can drop the insurance once your equity inches up to 20%, though. So these loans are especially appropriate for buyers in markets such as Denver and Salt Lake City, where home prices are expected to keep rising. 4. Sellers: Do it yourself, if you're game. Saving the real estate agent's typical 6% fee is tempting, especially if you live in the Northeast or California, where sluggish home values may mean that a commission could wipe out any gain. But "if you aren't willing to put in the time to show the house and the money for marketing, you'll be at a huge disadvantage," says Peter Miller, author of How to Sell Your Home in Any Market -- With or Without a Broker (Harper-Collins, $2).