Mortgage rate buydowns: How Horry Co. builders are keeping prices up & buyers coming

Source: ABC 15 News — 

HORRY COUNTY, S.C. (WPDE) — Not even the cold weather can cool down the housing market in Horry County, as home builders are finding creative ways to keep prices stable while also giving buyers more power.

Mortgage rate buydowns are the latest offer for people looking to buy new construction homes.

It’s a program that is offered to reduce the rate at which you are taking out your 30-year fixed mortgage rate, and it allows for more buying power because of that reduced interest rate.

The two most common types of mortgage rate buydowns are 2:1 rate buydowns and permanent fixed buydowns.