Above are examples of the mortgage rates are available today, and their cost.
I don’t do business with any of these lenders listed above and EVERY lender is able to give you a 6% rate today (and even under 6% with additional cost). Check with your favorite reliable lender for their quote
Points = the fee calculated as a percentage of loan amount.
“Oh Jim, those points add up to a lot of money.” HAVE THE SELLER PAY IT!
Every seller today will gladly pay 1% to 2% towards a rate buydown, rather than accept a lowball offer.
More buyers are willing to accept 6% too:
I squinted and turned the monitor sideways and still don’t see “6%”. I see 6.411% and 0 points. I see 6.083% and 0.653 points which is roughly 6.2% if my math is right.
The brouhaha over at BLS for messing with the jobs numbers say a quarter point cut is a sure thing next FOMC meeting so these might be in anticipation.
Close enough. The 6% is here if you want it.
My point was to have the seller pay the points to get it.
The problem today is nobody wants to work for it.
Buyers want a perfect home handed to them at the perfect price. Their agent doesn’t know what to do, so nothing happens.
The rest of the year will fade away.
Everyone will get fired up in the new year and a few will get lucky. But it will be more of the same.