<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Fed official says rate hikes are beginning to work"/><p class="gnt_ar_b_p">Anna Raymond was ready to make the switch from renting to owning a home last spring. But after five failed offers, she and her husband decided to take a step back from house hunting. </p><p class="gnt_ar_b_p">Then, in December, their real estate agent presented an offer too good to pass. A home in Longmont was up for sale, and the seller was willing to offer a 2-1 interest rate buydown.</p><p class="gnt_ar_b_p">The concession would lower the Raymonds' 5.75% contract interest rate 2% in the first year and 1% in the second year, so they'll pay just 3.75% interest in the first year and 4.75% in the second year before returning to 5.75% in the third. Raymond said they expect to save about $250 a month during their first year as homeowners. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">“I think for them, they just wanted a quick sell and for us, we wanted a good price. And so we were able to both be happy in the process,” Raymond, 28, said. “We figure we can refinance within a couple of years and, worst-case scenario, if we don't, our salaries will catch up.” </p><p class="gnt_ar_b_p">Though buyers can't be sure interest rates will drop by the time they're ready to refinance, mortgage rate buydowns have become a popular strategy to attract buyers who may otherwise be hesitant to purchase a home under today's high interest rates. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><h2 class="gnt_ar_b_mt">What are mortgage rate buydowns?</h2><p class="gnt_ar_b_p"><a target="_blank" href="https://www.redfin.com/news/home-seller-concessions-january-2023/" style="background-color:#fff" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">A recent report from RedFin</a> found a record number of seller concessions – offers like mortgage rate buydowns that help reduce costs – in the fourth quarter, especially among cooling “pandemic boomtowns” like...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://news.google.com/__i/rss/rd/articles/CBMigwFodHRwczovL3d3dy51c2F0b2RheS5jb20vc3RvcnkvbW9uZXkvcGVyc29uYWxmaW5hbmNlL3JlYWwtZXN0YXRlLzIwMjMvMDEvMjIvbW9ydGdhZ2UtcmF0ZS1idXlkb3duLWxvd2VyLWludGVyZXN0LXJhdGVzLzExMDc3NjExMDAyL9IBAA?oc=5">Read more <span>➤</span></a> </div>
