How does a mortgage rate buy-down work?
A temporary buy-down provided by the seller allows the borrower to have more money available during the early years to handle furnishing and renovation costs. (Jim Lo Scalzo/EPA-EFE/Shutterstock) Higher mortgage rates — up nearly double over a year ago — cut into affordability and increase m
The Fed raised rates. So why did mortgage rates fall?
Mortgage rates retreat toward 5 percent Conventional wisdom is that when the Federal Reserve hikes interest rates, mortgage rates are sure to follow. Well, not necessarily. After the Fed raised its benchmark rate by a historic 75 basis points, the average rate on the 30-year fixed mortgage fell to
Mortgage rates flirt with 6%, but silver linings exist
Higher borrowing costs may cool market, giving brokers and buyers time After reaching record-breaking lows during the pandemic, mortgage rates have been climbing at a similarly historic pace this year, worrying brokers and especially buyers. This week, rates reached another milestone. The average 3
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