30-Year Mortgage Hits a Year-High: What California Buyers Should Do Now

Mortgage rates have climbed for four consecutive weeks, hitting a year-high for the 30-year fixed loan. Here's what this means for California homebuyers and investors right now.

If you've been sitting on the fence about buying or refinancing, this is your wake-up call. The 30-year fixed mortgage rate has now risen four weeks in a row, reaching its highest point in over a year — and there are signals it could climb further.

What's driving this? Federal Reserve policymakers are increasingly vocal about wanting to raise benchmark interest rates sooner rather than later. When that pressure builds, mortgage rates tend to respond quickly — and they already are.

For California buyers, this is significant. Every quarter-point increase in your rate on a $700,000 loan adds roughly $120–$130 to your monthly payment. Over 30 years, that's real money.

Here's the practical takeaway: if you're pre-approved or close to making an offer, consider locking your rate now before conditions worsen. If you're still early in your home search, get pre-approved immediately so you're ready to move fast when you find the right property.

Waiting for rates to drop could cost you more than acting today. Our team is here to help you navigate this market and find the best rate available for your situation. Contact us today to review your options.