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Home Lenders Hunt for Ways to Make 6% Mortgages More Attractive
With the market frozen, the industry wants more buyers to ‘marry the house, date the rate.’
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Homebuyers and lenders adjusting to a doubling of US mortgage rates in the past year are finding workarounds to ease the financing pain.
Companies including Rocket Cos., Amplify Credit Union and Better are pitching incentives to cover the cost of future refinancing to buyers who lock in loans now. Some lenders are offering to buy down interest rates, often by one point for one year. Homebuyers are opting into adjustable-rate mortgages that carry slightly lower rates than fixed loans.