Welcome to Mortgage Porter Weekly for the week of October 19, 2026. Each week I break down what’s moving mortgage rates and what it means for you. Watch the video above and read on for the highlights.

Recap From Last Week

Inflation ran hotter than expected in September. Consumer prices rose 0.6% for the month, pushing annual inflation to 3.7%. Core inflation, which leaves out food and energy, rose 2.6% over the past year, also above forecasts. Wholesale inflation came in hotter than expected, too.

Normally, readings like these put pressure on bonds. But concerns about AI companies triggered a flight to safer investments, which helped offset some of that pressure. This matters because the Fed raised its benchmark Federal Funds Rate by 25 basis points last month, due in part to persistent inflation, and the meeting minutes showed that most members believed another hike would likely be appropriate by year-end. With two Fed meetings left this year, in October and December, investors will be watching to see how the latest inflation data affects that timeline.

• Existing home sales: Sales rose 1.5% in September, ending a three-month decline, but were still down 2.2% from a year ago.
• Housing supply: Homes available for sale increased 1.9% from August and 4.6% from a year ago, which means more choice for buyers.
• Retail sales: Sales rose 0.8% in September, more than double expectations, but higher gas prices boosted the headline number. Excluding gasoline, sales grew just 0.2%, suggesting underlying consumer spending may be softer than the headline implies.

Optimal Blue Index Mortgage Rates

Optimal Blue reports that the average 30-year fixed rate as of last Friday, October 16, was 7.276%, slightly improved from what I shared last week.

Please keep in mind that the Optimal Blue index reflects about 35% of mortgage transactions nationwide (lenders who use Optimal Blue). It’s not a rate quote. You can’t lock last week’s rates today, and your credit score, loan-to-value, and other factors will affect the rate you may qualify for. This is simply intended to give you an idea of how rates are trending.

Click here for a current rate quote for your personal scenario.

This Week’s Economic Calendar

It’s a light week for economic data, and Iran will continue to influence the direction of mortgage rates.

• Monday: Housing Market Index
• Tuesday: ADP Weekly, Housing Starts & Permits, Pending Home Sales
• Wednesday: 20-Year Auction
• Thursday: Jobless Claims
• Friday: Consumer Sentiment

Next FOMC meeting: October 27–28, 2026

Spotlight: Appraisals Are Changing

If you’re selling or refinancing, your appraisal may look different this fall. Starting November 2, conventional loans sold to Fannie Mae and Freddie Mac need the new UAD 3.6 appraisal format. Expect a longer visit, more photos and square footage reported in separate figures. None of that is a red flag, and a little preparation goes a long way.

The best preparation is a simple Home Information Folder: upgrades with dates and costs, permits and invoices, the ages of your roof, furnace and water heater, and details on solar, an ADU or outbuildings. Leave it on the kitchen counter so the appraiser doesn’t have to guess or hunt through county records. Buying? Ask your agent whether the seller has one.

My Home Appraisal Checklist for Selling or Refinancing in Washington walks you through the folder, preparing your home for the visit, and what to expect on the day.

Let’s Talk About Your Plans

If you have questions about your specific scenario, whether you’re buying, refinancing, considering a retirement mortgage, or just trying to figure out your options, I’d love to hear from you. I’m always happy to help.

Rhonda Porter, Mortgage Advisor, NMLS #121324 | Rate trends are based on the Optimal Blue index, which reflects about 35% of mortgage transactions nationwide. It is not a rate quote. Actual rates depend on credit score, loan-to-value, and other factors. This post is for informational purposes only and is not a commitment to lend.

Two details are worth knowing now. The deadline is based on when the appraisal is first submitted to the agencies’ system, not on your contract date or the visit date, so an appraisal done in late October but submitted in November still needs the new format. And it applies to conventional loans. FHA has opened optional adoption without a mandatory date, VA and USDA haven’t announced timelines, and jumbo or portfolio loans follow each investor’s own requirements.

Three Things Homeowners Should Expect

1. A longer visit and more photos. The new report calls for more detail about the property, including mechanical systems and, where applicable, attics, crawl spaces and outbuildings. A longer visit or a lot of photos is normal and not a sign anything is wrong.

2. Square footage is reported in separate figures. Instead of one living‑area number, expect finished area above grade, finished area below grade, unfinished area above grade and unfinished area below grade, measured to the ANSI Z765 standard. That matters in Washington, where daylight basements and attic conversions are common. Your finished basement will show up on its own line instead of being folded into the total, and finished space with low ceilings may be reported separately as well. That doesn’t mean it has no value, and the figures may not match your MLS sheet or county record.

3. Condition and defects are reported in more detail. Appraisers assign standardized condition ratings from C1 to C6, and the new report covers interior and exterior condition separately and itemizes known defects. Records of recent permitted work, updates and maintenance give the appraiser something concrete to cite instead of guessing the age of your roof or furnace.

If You’re Selling Your Home

On a sale, the appraisal is ordered by your buyer’s lender, but your preparation still matters, and the Home Information Folder in the checklist below is just as useful for you as it is for a refinancer. You’ll be the one with the upgrade dates, permits and invoices, so pull those together, then work with your listing agent on the rest. Your agent can coordinate access and timing, add a floor plan or survey if one is in the listing file, and make sure the folder reaches the appraiser as factual information. The visit may happen when you’re not home, so leave the folder on the kitchen counter as well. Make sure the appraiser can get into every space, including the garage, any detached structures, the attic hatch and the mechanical areas.

Because the visit may run longer, ask your agent to build a little extra time into the appraisal timeline if your closing date is close to November 2. If a value ever comes in below the contract price, the options are the same as they’ve always been, and I walk through them in my appraisal changes post.

If You’re Refinancing Your Home

On a refinance, your preparation has the most direct effect on how the visit goes. Create a simple Home Information Folder before the visit, and keep in mind that some refinances may qualify for an appraisal waiver, in which case there is no visit at all. Ask your loan officer early.

Expect questions about square footage, since the appraiser’s measurements may differ from county records. County records often rely on estimates or old permits, while the appraiser measures the property. A different number is not an error on your part.

Are You Buying a Home?

As a buyer, you usually don’t need to be at the appraisal, and your lender orders it. But the folder idea works for you too, in two ways.

• Ask for the seller’s folder. Through your agent, ask whether the seller has a Home Information Folder, meaning upgrade dates, permits and system ages. Sellers aren’t required to have one, but if they do, a copy is useful for you, and your lender can pass factual details like permits along to the appraiser.
• Start your own folder on your new home. Keep the inspection report, permits, receipts and contractor invoices, and the ages of the roof, furnace and water heater. When you sell or refinance years from now, you’ll have the records ready.

For more on how appraisals work when you’re buying, read: Appraisal Guide for Washington Homebuyers.

The Home Appraisal Checklist

Sellers and refinancers can use the same checklist. It starts with the Home Information Folder, a simple folder or envelope you leave on the kitchen counter so the appraiser doesn’t have to guess about your home’s details or hunt through county records.

• Upgrades and renovations: be specific rather than saying “updated.” Note what was done to kitchens, bathrooms, flooring, the roof and energy features, with the approximate month and year and cost (for example, “kitchen remodel completed June 2024; roof replaced August 2022”).
• Permits and invoices: copies for additions, finished basements, decks and detached structures.
• Ages of major systems: roof, furnace or heat pump, water heater and electrical panel.
• Solar and energy features: if you have solar panels, note whether they’re owned, leased or financed, plus any energy ratings or certifications.
• ADU details: if you have an accessory dwelling unit, note its permit status, whether it has its own kitchen, separate utilities and a private entrance, and whether it’s legally rentable.
• Outbuildings: for a detached garage, shop or shed, note its size and whether it has heating, cooling or utilities.
• Unusual features: waterfront access, easements, special property rights or an atypical layout, with documents if you have them.
• HOA or condo information: management contact, monthly dues, what the dues cover and any special assessments.
• Manufactured home: if applicable, the HUD data plate and certification label details.
• Floor plans or survey (optional): any drawings or boundary surveys you already have.

2. Prepare the home and give full access

• Unlock every interior door, including closets and utility rooms, and clear a path to the attic hatch and crawl space if you have them.
• Make sure the furnace, water heater and electrical panel are reachable.
• Unlock gates and detached garages, sheds or workshops, and trim brush blocking foundation walls, crawl space vents or meters.
• Keep power, water and gas on so the appraiser can confirm systems work.
• Check smoke and carbon monoxide detectors on each level to make sure they’re installed and working as well as earthquake water heater strapping, per Washington state regulations.

3. On the day of the visit

• Secure pets in a crate or a closed room.
• Turn on lights and open blinds so photos come out clear.
• Leave your folder in plain sight with a short welcome note.
• Answer factual questions about work you’ve done, then give the appraiser space. Appraisers must stay independent, so hovering or pushing a target value works against you.

Frequently asked questions

Will the appraiser tell me my home’s value during the visit?
No. The visit is for collecting information and photos. The appraiser then analyzes comparable sales and market conditions and delivers the finished report to the lender.

Why doesn’t the appraiser’s square footage match my county records or old listing?
County records often rely on estimates or unverified permits, while appraisers measure the property to a national standard and report finished space in separate categories. The numbers can legitimately differ.

Can I share recent neighborhood sales with the appraiser?
You or your agent can provide verified, factual market information. Federal appraiser independence rules prohibit anyone from pressuring an appraiser toward a target value, so keep it factual.

When do I get a copy of the appraisal?
Your lender must give you a copy of the appraisal. Unless you waive the timing, that’s promptly after it’s completed or at least three business days before closing, whichever is earlier. Many borrowers sign a waiver of the timing so the process can move faster, in which case the copy is provided at or before closing. Ask your loan officer how it will be handled for your loan. 

Where to go from here

If you’re planning to sell or refinance in the next few months, the best move is to start your Home Information Folder now and ask your lender early which appraisal format and timeline apply to your loan. I’m happy to talk through it. Schedule a free discovery call.

Read: Home appraisals are changing starting November 2026

Read: Home Seller’s Guide for Washington

Read: Mortgage Refinance Guide for Washington

Editor’s note: Fannie Mae and Freddie Mac have set November 2, 2026 as the date the new appraisal format becomes mandatory. This post is general information, not appraisal or legal advice, and agency guidance may change.

Welcome to Mortgage Porter Weekly for the week of October 12, 2026. Each week I break down what’s moving mortgage rates and what it means for you. Watch the video above and read on for the highlights.

Recap From Last Week

The Fed raised its benchmark Federal Funds Rate by 25 basis points last month, with elevated inflation a key reason for the move. When the Fed raises this rate, it generally aims to slow the economy and put downward pressure on inflation. The Fed Funds Rate is the overnight borrowing rate for banks, so it’s not the same as mortgage rates, but it does influence their direction.

Last week’s September meeting minutes showed that “most participants” felt another rate hike would “likely be appropriate by year end.” But recent inflation data came in softer than expected, and several Fed members have emphasized the need for more data before making further moves. As a result, expectations for an October rate hike have fallen significantly. The Fed’s next meetings are October 28 and December 9.

• Home prices: Prices remained relatively stable in August, with Cotality reporting a 0.1% monthly decline and a 1.8% year-over-year increase.
• Labor market: New unemployment claims fell slightly to 197,000, while continuing claims are around 1.72 million. Continuing claims have come down from recent highs, but that decline may not entirely reflect people finding new jobs, as some workers may simply be exhausting their benefits.
• Global markets: A bond selloff in Europe pushed global yields higher, adding to market volatility here at home.
• Geopolitics: Tension remains around the war in Iran and the Strait of Hormuz. However, there is talk of a seven-day ceasefire, which could help ease bond yields and provide some relief to mortgage rates.

Optimal Blue Index Mortgage Rates

Optimal Blue reports that the average 30-year fixed rate as of last Friday, October 9, was 7.388%, essentially the same as what I shared last week.

Please keep in mind that the Optimal Blue index reflects about 35% of mortgage transactions nationwide (lenders who use Optimal Blue). It’s not a rate quote. You can’t lock last week’s rates today, and your credit score, loan-to-value, and other factors will affect the rate you may qualify for. This is simply intended to give you an idea of how rates are trending.

Click here for a current rate quote for your personal scenario.

This Week’s Economic Calendar

The bond market is closed today for the holiday. This week, watch for the Consumer Price Index on Wednesday and the Producer Price Index on Thursday. Both are measures of inflation, and inflation pushes mortgage rates higher.

• Monday: Holiday – Bond Market Closed
• Tuesday: ADP Weekly, Existing Home Sales
• Wednesday: Consumer Price Index (CPI)
• Thursday: Jobless Claims, Retail Sales, Producer Price Index (PPI)
• Friday: Capacity Utilization

Next FOMC meeting: October 27–28, 2026
CME FedWatch: 22% odds of a rate increase

A More Balanced Market for Homebuyers

Here’s some welcome news for buyers: we’re moving out of a seller’s market and into a more balanced one. That means less competition, fewer bidding wars, and more opportunity, especially on homes that have been on the market for a few weeks or longer.

Being a well-qualified, pre-underwritten buyer will still help your offer get accepted, and so will being able to close quickly. If a home has been listed a while, sellers will welcome a strong offer and may be more open to discount points to help reduce your interest rate. If you’re putting 20% down on a conventional loan for your primary residence, you can ask for up to 6% in credits toward closing costs and buying down your rate.

Reach out to me for more strategies to help you win.

Let’s Talk About Your Plans

If you have questions about your specific scenario, whether you’re buying, refinancing, considering a retirement mortgage, or just trying to figure out your options, I’d love to hear from you. I’m always happy to help.

Rhonda Porter, Mortgage Advisor, NMLS #121324 | Rate trends are based on the Optimal Blue index, which reflects about 35% of mortgage transactions nationwide. It is not a rate quote. Actual rates depend on credit score, loan-to-value, and other factors. This post is for informational purposes only and is not a commitment to lend.

Putting more down is a reasonable response to higher rates, and for some buyers it’s the right one. But the same article notes that sellers are commonly offering concessions, including credits to help buyers get a lower rate. In a market that is tilting toward buyers, there may be a better use of your cash.

Is Seattle a buyer’s market right now?

Economists often measure this with months of inventory: how long it would take to sell every active listing at the current sales pace. As a rough guide, more than six months favors buyers, four to six months is balanced, and under four favors sellers.

Northwest MLS reports that King County reached 4.3 months of inventory in August 2026, up from 2.9 a year earlier, the first time in a long while it has been above four. By that measure, King County overall has moved into balanced territory rather than a full buyer’s market, and it varies by property type and price range. The direction is what matters: more homes, less competition, and more room to negotiate than buyers have had in years.

The Seattle Times reports that the median King County single‑family home sold for nearly $950,000 in September, down 1% from a year ago, and that the median condo price fell 6% on a glut of listings. Windermere economist Jeff Tucker’s review of August 2026 Northwest MLS data found active listings in the four‑county greater Seattle area up 28% from a year earlier. A Windermere agent quoted in the Times describes the market as shifting heavily toward buyers in most areas, and the story notes that sellers are commonly offering concessions.

Whether you call it a buyer’s market or a balanced one that is tilting your way, the leverage is worth more than a few extra dollars of down payment. I work on the financing side, and there are two strategies I would look at first.

Negotiate a Seller Concession to Buy Your Rate Down

A discount point is prepaid interest: you pay 1% of the loan amount at closing in exchange for a lower rate. How much the rate drops per point varies by day, lender, and loan. A seller credit toward closing costs can fund those points, so you get the lower rate without paying for it entirely out of your own cash.

The two are measured differently, which is easy to mix up. Points are a percentage of the loan amount. The seller credit limit is a percentage of the sales price. In the example below, a 6% credit on an $800,000 sales price is $48,000, which equals 7.5 points on the $640,000 loan.

Here’s a side‑by‑side using pricing as of Oct. 8, 2026, on an $800,000 purchase with 20% down:

Illustrative pricing as of Oct. 8, 2026; your rate, costs, and payment will vary. Payments are that include estimated taxes and insurance. This is for comparison only and rates/pricing shown are expired. Visit here for current rates based on your personal financial scenario.

What the comparison shows:

• A credit can do more than a price cut. The $50,000 price reduction lowers the payment by about $332 a month. A $48,000 seller credit used to buy the rate down to 5.875% lowers it by about $689 a month, roughly double, even though the credit is slightly smaller.
• Matching it with cash is expensive. Getting about the same payment by putting more down takes an extra $100,000 down payment, and roughly $95,800 more cash at closing than the credit scenario.
• It works like a prepaid refinance. Instead of waiting for rates to fall and then paying to refinance, you build a lower rate into the loan at closing, funded by the seller. It may reduce your need to refinance later. If rates fall further, you may still be able to refinance, but you’d be starting from a lower rate.

A few more things to keep straight:

• It isn’t free money. The seller’s cost is built into the deal one way or another, whether through the price or the credit itself. Your agent handles that negotiation. My job is to structure the loan so the credit does the most for you.
• The limits are based on the sales price. On a conventional loan for a primary residence, a seller can generally contribute up to 3% of the sales price with less than 10% down, up to 6% with 10% to under 25% down, and up to 9% with 25% or more down. With 20% down, that’s up to 6% of the sales price, or $48,000 on an $800,000 purchase, no matter how large the loan is. FHA generally allows up to 6% and VA up to 4%.
• Ask for the right amount. Seller credits can only cover actual allowable costs – including discount points, not cash back to you or towards the down payment. It’s possible that unused credit may go back to the seller. Your lender and agent should size the request to your closing costs and the rate buydown you want.
• It must be negotiated and documented. Seller credits go in the purchase contract and on the Closing Disclosure, and the home still has to appraise at the full purchase price.
• Consider a temporary buydown. A seller‑funded 2‑1 or 1‑0 buydown lowers your payment in the first year or two. It can make sense if you expect your income to rise or plan to refinance, but it doesn’t change the underlying rate. It’s important to compare all scenarios to see which option works the best for you.

Read: How much can a seller pay towards a buyer’s closing costs?

Strategy 2: Less Down Payment – Keep Your Savings

A bigger down payment lowers your payment, but it also locks that cash into the house. One agent quoted in the Seattle Times put the question this way for buyers stretching to make the numbers work: “What if something breaks?” You can’t spend home equity on a new furnace, a layoff, or a slow stretch in your business without selling or borrowing against it.

Some Bellevue-Eastside buyers are putting 30% or 40% down, and the story ties that to worries about tech layoffs: a lower payment may let them carry the house on one income. That’s a legitimate way to manage risk. A cash cushion is another, and which one fits depends on your income stability, your other savings, and your timeline. 

Plan your down payment before you make an offer

Once money goes into your home, getting it back out costs money. A cash‑out refinance comes with closing costs and a new rate on your entire loan, and a HELOC comes with its own qualification, fees, and a rate that is often variable and/or higher than a typical first mortgage loan. Cash you keep liquid stays available the day you need it, and it can earn interest while you wait.

This matters most if you carry high‑interest debt. Say you have a $25,000 credit card balance at an illustrative 24%. That balance costs about $500 a month in interest alone. Putting that same $25,000 into a larger down payment would reduce a 7.5% mortgage payment by only about $175 a month. Using the cash to clear the card and putting less down could improve your monthly cash flow by far more than a bigger down payment would.

There isn’t one right answer. It comes down to having a strategy, and the best time to build it is before you write an offer, with a mortgage professional who can look at your whole financial picture and create a plan specific to you.

Putting it together

In this example, a seller credit used to buy down the rate beat both a price cut and a bigger down payment over four years, and it left about $96,000 of your cash available. The two strategies also work in combination: a smaller down payment keeps your reserves intact, and a seller‑paid buydown offsets part of the higher payment. Whether it pencils out depends on your credit, your other debts, the loan program, the property, and the seller concession cap that applies. That’s why I run the numbers side by side with a Total Cost Analysis before you write an offer, so you can make an informed decision. 

Frequently asked questions

Is the seller credit limit based on the sales price or the loan amount?

The sales price. A 6% limit on an $800,000 home is $48,000 regardless of the loan size. Discount points are priced as a percentage of the loan amount, so the same $48,000 equals 7.5 points on a $640,000 loan.

Can a seller pay for my mortgage points?

Often, yes. A seller credit can generally be applied to allowable closing costs, including discount points, up to the cap for your loan program. The credit has to be written into the purchase contract.

Is it smart to put less than 20% down?

It may be, if keeping cash in reserve or paying off high‑interest debt matters more to you than the lower payment a bigger down payment would bring. You’ll pay more each month and may pay mortgage insurance, so compare both scenarios before deciding.

Does it cost money to get cash back out of my home later?

Yes. A cash‑out refinance or a HELOC generally comes with closing costs or fees, and you need to qualify at the time. Planning your down payment up front helps you avoid needing to borrow your own money back.

Does a buyer’s market mean sellers will always agree to pay points?

No. Conditions vary by price range, neighborhood, and how long a home has been listed, and every seller is different. Your agent can tell you what’s realistic for a specific property. If the seller is contributing towards your closing costs, including paying points, this needs to be negotiated in the purchase and sales agreement.

If you’d like to see these scenarios with your own numbers, you can book a 30‑minute call or schedule a Discovery Call with me.

Editor’s note: This post responds to an Oct. 7, 2026 Seattle Times story by Heidi Groover on buyers putting more money down as rates climb. Examples are illustrative, not a rate quote or loan offer.

Can I refinance later if rates come down?

You may be able to, but it is not guaranteed. Rates could stay where they are or move higher, and a refinance has its own costs, which are paid either upfront or through a higher rate or loan balance. A refinance generally makes sense only if the savings outweigh those costs and you qualify at that time. It helps to plan for a payment you are comfortable with today rather than counting on a future refinance.

What is a seller credit, and how can it help me?

A seller credit is an agreement in the purchase contract for the seller to pay part of your costs. It may be used toward closing costs or to buy down your interest rate, which can lower your monthly payment. Limits on how much a seller can contribute vary by loan program and down payment, so check before you write your offer.

Can I buy a new home before I sell my current one?

Sometimes. Options may include making an offer contingent on the sale of your current home, or using a bridge loan to access your home equity so you only move once. Which option fits depends on your equity, your income and what the seller will accept. Some lenders offer bridge loans, so talk with a lender before you make an offer to learn what is possible.

What can I negotiate when buying right now?

In some neighborhoods and price ranges, buyers may be able to negotiate the list price, closing costs paid by the seller, a rate buydown and contingencies. What is realistic depends on the home, how long it has been listed and local competition. Your agent can help gauge that for a specific property.

Schedule a call with me and we’ll look at what buying could look like for you.

Editor’s note: Client stories are shared in general terms to protect privacy. Market conditions vary by area and price range.

With mortgage rates above 7%, you may wonder who would buy a home right now. You may be surprised to learn that many people are.

Higher interest rates reduce competition. Some homebuyers no longer qualify with their current approach, and others have chosen to sit out and wait for rates to (maybe) come down. Meanwhile, sellers are in a tougher spot, with fewer showings and more willingness to negotiate. In many cases, the market has shifted in buyers’ favor.

This means contingencies may be accepted, sellers may be more willing to pay closing costs (or help buy down your interest rate), and you may find some wiggle room on the list price.

Who’s buying homes right now

Here are a few examples of clients I’ve recently helped with their financing:

• Move‑up buyers. A family used the appreciation in their current home to buy a larger one in the neighborhood they want, near the schools and community they love. They used a bridge loan to access their home equity, so they only had to move once, and negotiated a seller credit to buy down the interest rate.
• Families wanting more space. Another family wanted a bigger yard and more privacy, and a little more distance from their neighbor. They bought with a contingency on the sale of their current home, which sold the first weekend it was listed.
• Downsizers. A retiree is moving to a condominium with access to light rail and community. The home had been on the market for just over a month, so they offered below the list price and negotiated a seller credit that helped buy down the rate and pay closing costs.
• Grandparents moving closer to family. A retired couple is relocating to be near their grandkids. They used the proceeds from their home to pay off high‑interest debts and add to their retirement savings.
• Retirees who are done with upkeep. One homeowner no longer wants the maintenance of a large home.
• Newlyweds. A couple is buying their first home together and wanted a yard for their dog. Their agent negotiated a seller credit to help reduce the rate.
• First‑time buyers leaving renting behind. One buyer purchased a condo after deciding they were tired of paying rent year after year.
• Self‑employed business owners. One owner is buying a larger home in a neighborhood they’ve wanted to live in for a long time.

This is just a sample of the buyers I’ve been helping. They’re buying everywhere from Seattle, Bellevue, Kirkland and Bothell to Auburn and Puyallup, and they’re buying condos, single‑family homes and manufactured homes.

What these buyers share is that their decision came down to quality of life. Nobody knows when mortgage rates will come down. If you can qualify for a mortgage or build a strategy that makes the payment more affordable, you may not have to wait. You can start enjoying your home now.

It all comes down to running the numbers and making an informed decision. I’m happy to help you do that.

Frequently asked questions

Is it a bad time to buy a home with rates above 7%?

It depends on your numbers and your plans, not just the rate. Higher rates have reduced competition in some areas, which may give buyers more room to negotiate on price, closing costs and contingencies. If the payment fits your budget and you plan to stay for a while, buying now may make sense. Running the numbers for your situation is the best way to decide.

Is it hard to qualify for a mortgage if you’re retired?

Not necessarily. Being retired is not a barrier by itself, and a lender cannot deny you because of your age. Many retirees have substantial savings and investments but a lower monthly income, and that is where asset-based programs may help. Some lenders offer programs that use your assets, such as savings, investments and retirement accounts, to help you qualify. These may be combined with income you receive, such as Social Security or a pension. If you are selling a home to buy another, the proceeds may also reduce the loan amount you need. Before drawing on retirement accounts or investments, talk with your tax professional, since withdrawals can have tax consequences.

Can I refinance later if rates come down?

You may be able to, but it is not guaranteed. Rates could stay where they are or move higher, and a refinance has its own costs, which are paid either upfront or through a higher rate or loan balance. A refinance generally makes sense only if the savings outweigh those costs and you qualify at that time. It helps to plan for a payment you are comfortable with today rather than counting on a future refinance.

What is a seller credit, and how can it help me?

A seller credit is an agreement in the purchase contract for the seller to pay part of your costs. It may be used toward closing costs or to buy down your interest rate, which can lower your monthly payment. Limits on how much a seller can contribute vary by loan program and down payment, so check before you write your offer.

Can I buy a new home before I sell my current one?

Sometimes. Options may include making an offer contingent on the sale of your current home, or using a bridge loan to access your home equity so you only move once. Which option fits depends on your equity, your income and what the seller will accept. Some lenders offer bridge loans, so talk with a lender before you make an offer to learn what is possible.

What can I negotiate when buying right now?

In some neighborhoods and price ranges, buyers may be able to negotiate the list price, closing costs paid by the seller, a rate buydown and contingencies. What is realistic depends on the home, how long it has been listed and local competition. Your agent can help gauge that for a specific property.

Schedule a call with me and we’ll look at what buying could look like for you.

Editor’s note: Client stories are shared in general terms to protect privacy. Market conditions vary by area and price range.