Mortgage rates are double where they were a year ago, making home buying a much more costly endeavor. Home sellers are trying to help them out.
Even though the number of for-sale homes is growing, they’re still expensive, creating affordability issues for buyers. Mortgage-rate buydowns in particular are becoming popular, particularly since housing costs have risen significantly, she added. Or a seller can offer a 2-1 buydown, which has two periods of adjustment: It begins at 5%, then 6% after a year, then 7% or market rate.
Ali Wolf, chief economist at Zonda Research, a real-estate research company, told MarketWatch that her firm’s data is showing an uptick in builders offering these buydowns. Isaacs said in some cases, real-estate agents who work with sellers introduce the idea of offering a rate buydown. Especially if the home is sitting on the market for longer than usual, the agent asks the seller whether they want to market the house through a lower interest rate.A year ago, rate buydowns weren’t as common due to the low mortgage rate, and so his company didn’t see any requests come in.
The average rate for the 5/1 ARM was 5.79%. A 5/1 ARM is a type of mortgage that has a fixed interest rate for the first five years, after which it becomes a variable rate mortgage, which is adjusted based on market conditions.
It’s a ridiculous agreement into which to enter.
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