Buy Down Your Interest Rates and Get the Rate You Want

Once markets shift, people get creative. We're in a 6.75%-7.25% interest rate range right now. While this is WAY higher than last year, it's still only 1% higher than it was in 2007. That said, did you know you can ask the seller to buy down a mortgage rate? Yes, in this climate and depending on the house and the builder, you can ask the seller to pay a point or two. This is pretty damn amazing, and the little loophole that buyers can use to get rates from a few months ago. I just did this for a buyer recently, and the seller didn't even argue.

Some criteria:

- Must be primary residence

- Approved for condos, 2-4 units, SFRs

- 30 year fixed only (no ARMs)

- Borrower will still need to be preapproved and qualify 

Interest Rates Set to Rise to 9% in 2023

To those who are waiting and waiting and waiting...Given 2023 projections are even higher, this week's rates around 6.8% seem low. And don't forget that is is pre 2007 interest rate levels. The 30-year fixed is around 6.8%, while a condo 30-year fixed is more like 7.2%. It's interesting with the rate of inflation around 8.5% currently (lots of economists say it's more like 12%), housing is still considered a hedge at the moment, particularly income housing since rents are NOT dropping.

And remember, you can always refinance! Oh yeah...