David Shippey

Interest rates are rising. Can I assume the seller's mortgage at their interest rate?

Posted By David Shippey @ Dec 1st 2022 9:59am In: Winter Haven News

At the time of this post, the average mortgage interest rate is about 6.58%. Although this rate is not at an all time high, it is still much higher than some of our low record interest rates of 2.87%. One solution may be to investigate if the seller has an assumable mortgage to take advantage of their interest rate when they bought the home. Of course, that is if it is lower than the current interest rate.

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