Yes, it's possible to get a 4.8% mortgage today — here's how

• A top homebuilder executive shared advice for getting a lower mortgage rate right now.
• Taylor Morrison's Tawn Kelley suggested borrowing directly from a builder's mortgage arm.

High mortgage rates have deterred many would-be homebuyers from purchasing a property over the last year.

In September, according to the National Association of Realtors, the sales of existing homes in the US declined 15.4% from a year ago — a sign that buyers are continuing to balk at the high cost of homeownership.

But here may be a glimmer of hope: People may have more luck securing a lower mortgage rate if they buy a new-construction home. Mortgage industry veteran Tawn Kelley, the president of financial services at homebuilder Taylor Morrison, told Insider's Alex Nicoll that it's possible to secure a rate as low as 4.8% when buying a new home.

The typical rate right now is above 7%, according to Freddie Mac.

Kelley's tips include seriously considering taking out a mortgage with the builder of the new home and asking for every possible incentive.

Many builders can provide lower interest rates or financing assistance, she said. While that may sound too good to be true, Kelley advises buyers not to automatically dismiss their homebuilder's mortgage offerings as a marketing ploy.

At the end of the day, she added, builders just want to sell more houses. That's how they make the most profit. If offering a favorable mortgage helps them do that, don't second-guess the motivation.

"Finance sells homes, and a house doesn't become a home unless we have the ability to get that customer to the closing table, and they can qualify and confidently make their mortgage payments," Kelley said.

Kelley also suggested that buyers negotiate with builders for every available incentive, as they could add up to substantial savings. Builder incentives include rate buydowns, mortgage rate locks, and forward commitments. (Read more about these incentives and how to get them in Nicoll's story.)

Taylor Morrison has been able to help customers lower their rates from around 8% to 4.875%, Kelley said, reducing the total monthly payment by a third.

However, she warned that some financial incentives can increase over the course of the loan, including temporary rate buydowns.

Failing to budget or plan accordingly could put homebuyers at risk of experiencing problems that cropped up during the 2008 housing crisis, when many people who took out adjustable-rate mortgages failed to account for their monthly costs increasing as interest rates rose.

Read more of Kelley's advice on getting a lower rate: A top homebuilder executive breaks down the secrets to getting a 4.8% mortgage in an era of 8% rates