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As mortgage rates continue to rise, more Americans are feeling stuck in their current homes, unwilling or unable to move at today’s higher borrowing costs. The 30-year fixed-rate mortgage rose to a 7.31% average this past week—the highest level since 2000, Freddie Mac reports.
“However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory,” says Sam Khater, Freddie Mac’s chief economist. “These headwinds are causing both buyers and sellers to hold out for better circumstances.” Here is the reality, people still have to move for many different reasons whether it be a job relocation or life event. So how do you navigate the higher interest rates alongside higher prices? Lenders have presented a buydown program where the seller or builder can buydown the buyer’s interest rate for the first 2-3 years of ownership. Here in this video we sit down with local lender Robert Sorrells with Nations Lending to discuss how this program can benefit today’s buyer.
