Insight
Rates for 30-year fixed mortgages reached 6.62%, indicating increased costs for potential homebuyers, thereby affecting their ability to purchase and impacting the overall market.
How loan officers are saving deals as mortgage rates cross 6.6%
Summary
Mortgage rates above 6.6% are prompting lenders to help buyers keep deals alive. Loan officers are advising borrowers to ask for seller credits, recalibrate their home searches, and speed up closings. Seller credits, especially in areas like Los Angeles, are becoming more common to avoid relisting. While rates' impact is still unfolding, lenders expect potential challenges in the next two weeks.
Key takeaway