Homebuilders Bet on 1% Mortgage Rates to Wake Up US Buyers (1)

With the average mortgage rate near 6%, US homebuyers are looking at the most affordable monthly payments in a year. But San Antonio real estate agent Tavyn Weyman knows how to get them lower — much lower.

The trick is simple: buy new.

In markets across the US, homebuilders sitting on unsold inventory are subsidizing mortgage rates so heavily they sometimes match the record lows last seen during the Covid-19 pandemic. That’s in addition to perks like free appliances, finished basements and zero closing costs.

Weyman said a large private builder just gave one client a 3.49% fixed rate on ...