Over the last three years, many home buyers have had their hopes of owning a home dashed as #interestrates have spiked. As we all know, as interest rates go up, housing affordability for most people goes DOWN! In 2022, the average rate for a 30 year fixed mortgage was approx. 3.22%. That rate jumped to and average of 6.48 in 2023, and so far in 2024 (end of march), the rates have stayed around 6.62% on average. How can we collectively combat this conundrum and help both #homebuyers and #homesellers realize their end goal? There are programs available from lenders that feature a few ways to “buy down” interest rate. The first one has been around forever, and that is just a straight rate buy down that lasts the life of the loan. There are a couple newer options though that help lower your payment in a shorter, more dramatic fashion! They are referred to as (a) 3-2-1 buy down, (b) 2-1 buy down, and (c) a “1” rate buy down. If you are interested in finding out more about these options, feel free to reach out and we can get started!
#newhome #realestate #homeforsale, #dreamhouse, #bellinghamwa, #interestrates2024, #homebuyers, #homesellers, #patrickjohnsonrealestate
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