There’s a way to land a sub-4% mortgage rate for buyers locked out of the housing market. But they’ve been hard to get—until now

(Credit: Photo illustration by C.J. Burton—Getty Images)

With mortgage rates continuing to hover between 7% and 8%, it’s been challenging—near impossible—for many homebuyers to break into today’s housing market. High monthly prices coupled with the lock-in effect, in which homeowners are reluctant to let go of their sub-4% mortgage rates, have prolonged the frozen housing market. 

But there’s one little-known trick for landing a lower rate: assumable mortgages. Earlier this month, Roam, a company that specializes in helping buyers find homes with sub-4% mortgages they can take over, announced a new feature in which buyers can purchase a home with a 2% mortgage included and a down payment as low as 15%.