Mortgage rates are back at 7%, but there are creative strategies that can help homebuyers make the most of the current market. In this video, we’ll cover 5 options buyers are using to structure their purchases in order to lower payments or take advantage of the current market conditions. Whether it's adjustable-rate mortgages, down payment assistance, or house hacking, these strategies can help you buy your dream home even with higher rates.

Timestamps:

00:00 - Intro: How Buyers Are Navigating 7% Mortgage Rates

00:05 - Current Market: Why 7% Mortgage Rates Are Here to Stay (for Now)

00:35 - The Importance of Working with a Good Real Estate Agent

00:55 - Option #1: Adjustable Rate Mortgages (ARMs)

01:42 - Option #2: Mortgage Buy Down - Lower Your Rate with Points

02:20 - Option #3: Down Payment Assistance Programs

03:00 - Option #4: Opting for a Shorter Loan Term (15 Years)

03:35 - Option #5: House Hacking - Getting Roommates to Offset Costs

04:05 - How Higher Rates Create Less Competition and Opportunity for Buyers

04:25 - Average Time on Market in the Greater Philadelphia Area

04:40 - Conclusion: How These Strategies Can Help You Buy in Today's Market