"Homebuyers purchasing new builds save about half a percentage point on mortgage rates, thanks to builders' incentives, translating to substantial monthly savings."
"Last year, new construction home buyers had an average mortgage rate of 6.1%, compared to 6.6% for previously owned homes, highlighting significant cost advantages."
"The data indicates that builders may be offering more substantial mortgage buy-downs than previously reported, providing buyers with meaningful interest rate savings."
"In-house financing options from builders and their partnerships with lenders enhance their ability to offer competitive mortgage incentives to attract buyers."
New research shows that homebuyers of newly constructed homes save roughly half a percentage point on mortgage rates compared to those purchasing existing homes. On average, newly built homes had a mortgage rate of 6.1%, significantly lower than the 6.6% for previously owned homes. This translates to approximately $105 monthly savings on a $400,000 home. Builders are often using mortgage rate buy-downs to entice buyers, covering the costs as an incentive, thus making new homes financially more appealing, especially in today's fluctuating market.
Read at SFGATE
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