10/12/2026
Mortgage rates crossed 7% again. ๐ So here's a little perspective.
The latest rate update came out October 8, and the next one is due October 15. Rates have gone up, and they've gone up pretty quickly. Certainly not the direction buyers were hoping for.
This happened three times in 3 years.
But we've been here before. Since 2023, mortgage rates have crossed 7% three times, and each time they came back down within a few months. Does that mean they'll do it again? Not necessarily, but it's worth keeping in mind.
Here's something I think buyers should consider.
Right now, many buyers are deciding to sit on the sidelines and wait for rates to come down. I completely understand that. But what happens when rates do drop and all those buyers decide it's time to start looking again?
More buyers competing for the same limited number of homes could mean more bidding wars and higher home prices.
So rather than putting your search completely on hold, this might be a good time to speak with a trusted mortgage professional and see what options are available to you. I have a few for you!
You may find that you can comfortably afford a home today, with less competition than you might face when rates come down. And if rates do drop later, refinancing could be an option, provided the numbers make sense.
**The goal isn't just to get the lowest interest rate. It's to find the right home at a price and monthly payment you're comfortable with.**
Every buyer's situation is different, and there's no reason to rush into something that doesn't make financial sense.
If you're thinking about buying but aren't sure what to make of this market, feel free to reach out. I'm always happy to talk through your options.
