Temporary mortgage rate buydown programs grew in popularity due to the rise in mortgage interest rates last year. This is a type of home loan program in which the homebuyer temporarily reduces their mortgage payment. For example, in a 2/1 rate buydown the interest rate during the first year is reduced by two percentage points. In the second year, it’s one percentage point less and then in the third year it goes back up to the full mortgage rate.
In today’s video, I share an article from Freddie Mac with an analysis of how much these types of home financing were used, the areas in which had the highest percentage of them and potential impacts to the US housing market from these mortgage buydowns such as the 2/1 buydown.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.2% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge? ---------------------------------------------------------------------------------- Products I use and like: ad My Gear I Use for YouTube: www.amazon.com/shop/jasonwalter Tubebuddy https://www.tubebuddy.com/jason808 Virtual Assistants (video editing) https://bit.ly/3lYRujQ
*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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