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While some are pushing the “opportunity” of temporary lower rates and refinancing down the road, what I’m reading there’s warning that higher mortgage rates could stick around a whole lot longer than people want to believe.

Here’s the problem:

A 2-1 rate buydown can be a GREAT tool, but it’s temporary and your mortgage payment isn’t.

Year 1: Your rate is 2% lower.
Year 2: Your rate is 1% lower.
Year 3: Welcome to reality. Full rate. Full payment.

That promised refinance down the road?

It’s a possibility, NOT a financial strategy.

The market conditions are shitty, anyone telling you otherwise is full of it. Buy the house if you love it. Buy it if it fits your life. But only buy it if the numbers work TODAY, at the full payment.

Buying a home should support your financial health, not jeopardize it. Don’t make one of the biggest financial decisions of your life based on what you hope the market does tomorrow.
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