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"Marry the house, date the rate." ???

By
Real Estate Broker/Owner with Your Choice Realty of NC 3020206

This is an interesting article about the push/pull between housing prices/mortgage rates. https://finance.yahoo.com/news/better-time-think-buy-home-172201456.html

The phrase "Marry the house, date the rate." was created by NAR to try and keep housing purchases on track. Nobody knows if or when mortgage rates will drop again. If you look at a 50-year history of the 30-year mortgage, current rates (around 7%) are quite reasonable. (see below).

If you're financing 75% (or more) of your purchase, getting better loan terms is far more valuable than getting a few thousand dollars off the sale price of the home. Focus on improving your lending profile (debt-to-income ratio, credit score, downpayment, etc). And you'll be in the best position possible to get the lowest available rate.

Also, many new construction builders are offering incentives to buy down rates.

These kind of terms can also be negotiated on a resale purchase. An experienced real estate broker can guide you through this process.

Feel free to contact me with questions or to explore this further.
Phil Jones, Broker
Your Choice Realty of NC
828-820-4171
Realtor.PhilJones@gmail.com

#mortgage #mortgagerates #30yearfixed #15yearfixed #realestatelife #realtor #realestatetips #negotiation #rates #ratebuydowns #newconstruction #newconstructionhomes #incentive #indpendentbroker #buyersagent #incentives #DRHorton #drhortonhomes #drhortonasheville #wncrealestate

 

Chart represents weekly averages for a 30-year fixed-rate mortgage. Average for 1971-2024 as of March 13, 2024. Source: Freddie Mac PMMS.

Show All Comments Sort:
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Phil - the commitment issue comes into play somewhere along the way, doesn't it?  Some are really ready; others may be potential runaway buyers.  People make all sorts of decisions. For better and/or worse.  

Mar 28, 2024 05:28 AM
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Great quote, and what a great chart showing the history of rates.   Thank you.

Mar 28, 2024 06:24 AM
Matt Brady
Watermark Capital - San Diego, CA
San Diego's Equity Advisor

 "current rates (around 7%) are quite reasonable" is a very important statement Phil. I am fascinated by the people hoping our economy crashes so they might get rates back around 3.00%. Personally, I would love to see rates stay in the high fives or low sixes.

Mar 28, 2024 08:01 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Great play on words.  Love it.

 

Mar 28, 2024 08:27 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Phil and great information that you are sharing in your blog with us.  Make it a great day!

Mar 28, 2024 10:11 AM
Ben DeHaven
Haven Realty & Investments - Lakeland, FL
Proudly serving Central Florida!

I, for one, and tired of hearing the quote Marry the house, Date The rate. Finding out just now that NAR created it doesn't surprise me, and makes sense. 

Mar 28, 2024 11:53 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Mar 29, 2024 04:32 AM
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nothing - Anchorage, AK
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