Assumable Mortgages With Rates in the 2% Range can Help Buyers Afford More Homes

News4 Jacksonville (Fla.), July 2, 2026-Tiffany Salameh

With the average 30-year fixed mortgage rate hovering around 6.5%, many prospective homebuyers have put their plans on hold as higher borrowing costs drive up monthly payments.

But some buyers are finding a workaround: assumable mortgages.

An assumable mortgage allows a qualified buyer to take over a seller’s existing home loan, including its interest rate, instead of applying for a new mortgage at current market rates. Many homeowners who purchased or refinanced during 2020 and 2021 locked in rates below 3%, making those loans especially attractive in today’s market.

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