rates are NOT high and you can leverage the buyer’s market

Are 7% Mortgage Rates the “New Normal”?

Maybe—but that doesn’t mean every buyer has to settle for 7%.  And most are still locking MUCH lower rates with the Otter Mortgage Team 😊

Depending on the loan program, qualifications, and available incentives, most buyers can still secure 30-year fixed rates in the 6% range—and even the 5% range.

Today’s market also gives buyers something they haven’t had in years: negotiating power. More sellers are willing to contribute toward closing costs, permanent rate buydowns, or temporary buydowns that can significantly reduce the initial monthly payment.

This may also be the right time to consider alternatives such as adjustable-rate mortgages or temporary rate buydowns. The best loan isn’t always the most familiar one—it’s the one that fits your financial plans.  We LOVE to get creative.

And some historical perspective helps: today’s rates may feel high compared with the unusually low rates of the last decade, but they remain below the average mortgage rate of the past 50 years. (freddiemac.com)

If rates are keeping you from buying, don’t assume the advertised average is your only option. Talk with a trusted local lender—like the Otter Mortgage Team—about the many below-market-rate strategies and programs still available.

The opportunity may be better than the headline rate suggests.

Todd Sevier | Otter Mortgage Team | Charleston SC
Director of Joy

 #HomeFinance #MortgageAdvice #SCMortgageLoans