Mortgage rates often cheaper for new homes

Home buyers purchasing newly built homes are often paying about a half a percentage point less those buying existing homes – 6.1% as opposed to 6.6% these days.

The reason is simple: many home builders are offering mortgage rate buy-downs (paying an upfront fee, or points to secure a lower rate.

This can amount to a savings of $105 a month on a $400,000 home.