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.
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