As featured in the Port Townsend Leader on May 27, 2026

Back in the 1980s, I was determined to buy my first home. The property I had my eye on was the final new-construction condominium in a nearly completed development. The builder was eager to close out the project and offered incentives, including introducing me to an affiliated mortgage company.

They approved me for a loan. There was just one catch: the interest rate was 14.75% — and it was an adjustable-rate mortgage.

The lender assured me I was “lucky” to get it. I gulped, signed the papers, and moved forward anyway. Looking back, I’m grateful I did.

Today’s mortgage rates are nowhere near 15%, though they are higher than many buyers hoped for at the start of 2026. According to Bankrate, the average rate for a 30-year fixed mortgage is approximately 6.60% as of May 20, 2026, compared to 6.09% one year ago.

While rates remain elevated, buyers today are actually in a stronger negotiating position than they’ve been in for years. More inventory, fewer bidding wars, and increased seller flexibility are creating opportunities that simply didn’t exist during the ultra-low-rate frenzy.

If you’re considering a home purchase, don’t let interest rates alone stop your progress. Instead, work with a trusted lender who can explain the different loan products available and help match them to your financial goals.

Here are two strategies worth discussing with your lender:

CONSIDER BUYING DOWN YOUR INTEREST RATE

Mortgage “points” allow buyers to pay an upfront fee to secure a lower interest rate over the life of the loan. This can reduce your monthly payment and potentially save significant interest over time.

This strategy tends to work best for buyers who have additional cash available at closing, plan to stay in the home long enough to reach the “break-even” point and want more predictable monthly payments

A lender can help calculate how long it would take for your monthly savings to offset the upfront cost.

EXPLORE ADJUSTABLE-RATE MORTGAGES

Yes, adjustable-rate mortgages still exist, and today’s versions are generally more regulated and transparent than those from decades past.

Most adjustable-rate mortgages have two phases: an introductory period with a lower fixed rate for a set number of years and a future adjustment period where the interest rate — and payment — can change.

For some buyers, this can be a smart option. If you plan to move before the adjustment period begins, or if rates decline and refinancing becomes possible, an adjustable rate mortgage may provide lower upfront borrowing costs.

The key is understanding the terms and having a plan.

As a realtor serving Jefferson County and a member of the real estate brokerage The Agency Port Townsend, I believe informed buyers make confident decisions. There is no one-size-fits-all mortgage strategy, but with the right guidance, today’s market still offers meaningful opportunities for homeownership.

Sometimes the smartest move is to “date the rate” — and buy the house that fits your life.

Stephanie DeWitt is a former financial advisor and now a realtor at The Agency Port Townsend.