Mortgage Rates Today: What 7%+ Rates Mean for CA Buyers

Mortgage rates are hovering above 7% as of mid-September 2026, with the Fed announcement just around the corner. Here's what California buyers and homeowners need to know right now.

As of today, September 15, 2026, the 30-year fixed mortgage rate sits at 7.22%, with jumbo loans climbing even higher to 7.38%. The 15-year fixed isn't offering much relief either, coming in at 6.82%. These aren't numbers that make buyers jump for joy — but they are numbers you need to plan around.

So what's driving this? Bond markets are on edge ahead of tomorrow's Federal Reserve announcement, with the 10-year Treasury yield flirting with the 5% level. When Treasury yields rise, mortgage rates tend to follow. Right now, some investors are stepping in to buy bonds at these elevated yields, which could signal that rates are near a short-term ceiling — but nothing is guaranteed.

For California buyers, this environment demands smart strategy. A higher rate doesn't mean you shouldn't buy — it means you need to structure your loan carefully. Consider whether an adjustable-rate mortgage (ARM at 6.69%) makes sense for your timeline, or whether buying down your rate with points is worth it.

The market is moving fast. Don't wait for perfect rates — wait for the right plan.

Ready to explore your options? Contact us today and let's find the loan strategy that works for your situation.