With the average 30-year fixed mortgage rate above 7%, sales of existing homes slowed in September to their softest year-on-year pace in 13 years.
But if you're spending the same amount on rent as you would on a mortgage payment, buying could still make sense.
And that negotiation can even include lowering your mortgage rate, according to Shayowitz.
4 things to considerYou can reduce your interest rate through a permanent buydown.
In other words, the seller provides a one-time payment placed in escrow and used to buy down the interest rate permanently.
Persons:
Shmuel Shayowitz, Shayowitz, it'll
Organizations:
ARM
Locations:
Shayowitz