In a market that has seen interest rates rising for 7 consecutive weeks, many buyers are on the fence as they feel locket out of the market. However, many sellers and listing agents are aware of this and there are a few options available to buyers to help offset the current rate. There is a 2-1 buy down where the seller prepays the interest rate to be 2% below current market rate in the first year and 1% below market rate in the second year. At the end of year 2 the rate goes back up to today’s market rate, so the assumption is that rates will drop in the next year and allow the purchaser to refinance. This can only be paid for by the seller through seller concessions in the offer, so it’s important to price the exact cost before submitting an offer. Furthermore, this option is only for primary homes. However, a buyer always has the option to permanently buy down the interest rate for the duration of the loan. This can be done on both primary and secondary homes and can be paid for by the buyer or through seller concessions. Another option is adjustable rate mortgages that have a fixed rate for the first 5 or 7 years of the loan for example. Talk to your loan officer or let me connect you with one of my trusted lender for more details on any of these option.