Mortgage rates have reached 7.28%, but buyers looking at new-build homes may have an increasingly valuable bargaining chip: builders are offering incentives to keep sales moving as borrowing costs climb.
The average 30-year fixed mortgage rate rose from 7.03% to 7.28% in the week ending 1 October, its sixth consecutive weekly increase and the highest level since November 2023. The jump was also the biggest one-week increase in almost four years, according to Freddie Mac.
