Finding the Perfect Mortgage: Tips for Low Rates and Smart Homebuying

Aspiring homeowners who are deterred by high mortgage rates can still find newly built homes with a 4% mortgage rate, thanks to sales incentives offered by home builders. By paying points or mortgage rate buydowns, builders are reducing the mortgage rate and monthly payments for buyers. Additionally, some builders are dropping asking prices on homes to boost demand. However, price cuts often come with smaller home sizes. While existing-home sales have declined, sales of newly built homes have increased, partly due to these incentives.