For most of last year, rates were trending in the right direction. That changed this month.

A Middle East conflict is driving oil prices higher, reigniting inflation fears and when inflation fears rise, mortgage rates follow. The Fed was expected to cut rates this year. That's looking increasingly unlikely.

This week the 30-year fixed hit 6.53%, up from 5.87% in February. On a $280K purchase, that's about $85 more per month than six weeks ago.

For buyers hoping rates will drop before they buy: the conditions that were driving rates lower have shifted. Every month of waiting has a cost worth calculating.

In a market where buyers are stretched on affordability and inventory is tight, seller concessions are one of the most underused tools in a transaction.

A seller concession allows the seller to contribute a portion of their proceeds toward the buyer's closing costs. Instead of the buyer bringing that cash to the table the seller covers it, reducing what the buyer needs upfront without changing the purchase price.

Those concessions can also be used to fund a 2-1 buydown. The buyer's rate is reduced by 2% in year one and 1% in year two before settling at the full rate in year three. In a high rate environment that temporary relief can make a meaningful difference in monthly affordability early in homeownership.

In Buffalo's market this matters most on homes that have been sitting or where sellers have flexibility. Instead of cutting the price a motivated seller can offer concessions that directly improve the buyer's monthly payment, a win for both sides of the transaction.

Next time a buyer hesitates on affordability try asking one question.

"Did you know the seller can contribute toward your closing costs, which could also be used to lower your interest rate for the first two years?"

You don't need to know all the details. Plant the seed and let your mortgage person work out the numbers.

The chart below tracks the 10-Year Treasury yield, a key indicator I monitor to gauge short-term pressure on mortgage rates. When yields rise, mortgage rates typically follow. When yields ease, mortgage pricing tends to stabilize.

Each week the Buffalo Mortgage Market Brief highlights a real estate professional actively working in the Western New York housing market.

Jennifer is a dedicated real estate professional with HUNT Real Estate, serving Wheatfield and the greater Niagara County area. With nearly two decades of experience, she has built a reputation for guiding buyers and sellers through the process with confidence, consistency, and a strong understanding of the local market.

Known for her client-first approach and steady production, Jennifer continues to be a trusted resource for those navigating today’s housing landscape.

📍 Areas served: Wheatfield, Lockport, and Niagara County

Know a great agent making an impact in WNY? Reply to this email to nominate them for a future spotlight.

Troy Pulli | HUNT Mortgage

This newsletter is for informational purposes only and does not constitute financial or lending advice.