As 30-year mortgage rates hit 6.7%, homebuyers are facing 'payment shock.' Here are ways to save
As 30-year mortgage rates hit 6.7%, homebuyers are facing 'payment shock.' Here are ways to save
Abstract
The average rate on a 30-year fixed-rate mortgage is 6.7% as of Friday, up from 3.3% at the start of 2022. Home prices are up 13.1% on average from a year ago, according to Realtor.com. If you're a first-time home Buyer with limited means, you may be able to qualify for one of the federal programs available. If the higher payment squeezes your budget too much, it may not be the best. If a potential homebuyer might be unable to save for a mortgage. If you consider going this route, it could not be worth it. The seller may be willing to pay some of your costs, or the seller might be willing for some of their costs, depending on competing offers presented.