In today's current market, buyers still have mutiple options to offset high rates. In 2021, we saw the lowest interest rates in years. Unfortunately, over the last eight weeks, rates have increased by one of the largest margins we’ve witnessed in a long time.

“Rising interest rates are scaring away many buyers in our market.”

The average mortgage payment has risen by approximately 49%. Interest rates are currently around 4.5% - 5.8%. This is discouraging for many buyers in our market.

 Here are a few ways buyers can deal with rising interest rates:

• Instead of a 30-year fixed mortgage, look at a five-year or seven-year fixed rate that will roll over to an adjustable-rate mortgage.


• Interest-only mortgage payments will lower your payments a lot, but you won’t be paying down nearly as much equity on your home.


• Paying a higher deposit will make your mortgage payment smaller.


• Reducing the number of credit cards you own, paying off debts and paying bills on time.

Don’t make the mistake and count yourselves out of this market, there are always options.