How To Buy a Home Without Waiting for Lower Rates

Are you holding off on buying a home because you’re waiting for rates to drop? You’re not alone! But the reality is mortgage rates may not fall as much as many people hope.

📉 Experts Predict Rates Will Stay Around 6.5%
A few months ago, forecasts suggested rates could dip below 6% by the end of the year. But now, Fannie Mae, the MBA, and Wells Fargo predict they’ll stabilize closer to 6.5% instead.

🚨 What Does This Mean for You?
If you’ve been waiting for significantly lower rates before buying, you might be waiting longer than expected—and that could mean missing out on a home that fits your needs right now.

Ways To Make Buying More Affordable

The good news? You don’t have to wait for lower rates to make homeownership possible! Here are three smart financing strategies to explore:

1️⃣ Mortgage Buydowns

📌 How It Works: You (or the seller) pay an upfront fee to lower your mortgage rate for a set time.
📌 Why It Helps: Your monthly payment is lower at the start, making it easier to afford.
📌 Did You Know? 27% of agents say first-time buyers are increasingly requesting seller-paid buydowns!

2️⃣ Adjustable-Rate Mortgages (ARMs)

📌 How It Works: ARMs start with a lower rate than a 30-year fixed loan, which can save you money upfront.
📌 Why It Helps: If rates drop in a few years, you can refinance before your rate adjusts.
📌 Worried About Risk? Today’s ARMs are much safer than those in the 2000s—lenders now ensure buyers can afford future payments.

3️⃣ Assumable Mortgages

📌 How It Works: You take over the seller’s existing mortgage—including their lower interest rate!
📌 Why It Helps: With over 11 million homes eligible for this, it could be a great way to lock in a better rate.

Bottom Line

Waiting for rates to drop might not be the best move. Instead, creative financing options like buydowns, ARMs, or assumable mortgages could help you buy a home sooner and more affordably!

💬 What’s your biggest concern about today’s mortgage rates? Let’s talk!

Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.