Method and radio access point for handling a two-way communication between a first wireless device and a second wireless device which are both served by the radio access point. A set of candidate transmission modes are available for use in the two-way communication. The radio access point obtains a mode-specific quality metric related to a predicted Signal to Interference and Noise Ratio, SINR, for each one of the candidate transmission modes, and selects one of the candidate transmission modes based on the obtained mode-specific quality metrics. The radio access point is thus able to select the transmission mode that has the best mode-specific quality metric in the set. The selected transmission mode is then applied for the two-way communication. Thereby, the most favorable transmission mode may be selected and used to provide satisfactory or even optimal performance.