Mortgage rates have moved higher in the last month, it's not a trick or a treat. And if you’re thinking of buying, you should plan for them to stay elevated for a while.
But, there’s some good news...
In many markets, buyers and sellers are on more even footing. It's not the seller's market that it was a couple of years ago. There are more homes to choose from, and sellers are increasingly willing to offer concessions.
What is a seller's concession?
A seller’s concession is when the person selling a house agrees to help pay some of the buyer’s costs.
Imagine buying a bike, and the seller says, “I’ll help pay for your helmet so it’s easier for you to buy the bike.” You’re still paying for the bike, but you need less extra money.
With a house, that help can cover some fees or help lower your mortgage payments.
If the timing and budget work for you, that can make now a great time to explore buying.
Those seller concessions can do more than cover closing costs. Depending on your loan, they could help pay for a permanent rate buydown that lowers your rate for the life of the loan, or a temporary buydown that offers bigger payment savings early on before payments rise to the full amount.
If that sounds confusing, that’s where I come in. Let’s walk through the options and see what makes the most sense for you. Don't let these rates scare you away from buying a home!
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These mortgage rates don't have to be scary... 
