What are the average mortgage rates for second homes or holiday homes?
Generally, mortgage rates for second homes or holiday homes are typically higher than for primary residences. The increased rates are due to the higher risk perceived by lenders, as these properties are often seen as less essential and thus more likely to be defaulted on in case of financial hardship. As always, these rates can vary greatly based on the borrower's credit score, down payment size, the condition of the property, and the overall lending market conditions.