Buying down the interest rate is becoming more popular among homebuyers as mortgage rates remain stuck at historic highs. But is it worth it?

With mortgage rates verging on 7% and economic concerns mounting, prospective buyers aren't rushing into the spring housing market.

Sales of new US single-family homes surged to more than a three-year high in April as builders lowered prices to attract buyers, but rising mortgage rates and economic uncertainty remained headwinds for the housing market.