Mortgage Rates Hit 7% Today: 8 Strategies Homebuyers Can Use Right Now

Well, if you're shopping for a house today... The bond market just punched you in the mouth. 😂 The 10-year Treasury yield surged today, closing around 4.94%. And according to Mortgage News Daily, the national average 30-year fixed mortgage jumped another 10 basis points today to: 7.07%. Yesterday it was 6.97%. Tuesday it was 6.89%. So in roughly two days we've gone from 6.89% to 7.07%. And immediately somebody listening is thinking: ‘Well, that's it, Jon. I'm not buying a house.’ Hold on. Because today's show isn't about telling you whether you should buy a house. It's about answering a much better question: If you WANT to buy a house in a 7% mortgage-rate environment, how do you play the game differently? Do you negotiate the price? Ask the seller to buy down your rate? Take an ARM? Put more money down? Buy a cheaper house? Ask for closing costs? Lock the rate? Or sit on your hands and wait? Aaron, Dwight and I are going to build the 7% Mortgage Playbook today. Because you can't control interest rates. But you can control how you respond to them.