Mortgage Rates Tick Up — What California Buyers Should Know Now

Mortgage rates nudged higher this week while Fannie Mae trimmed its home loan origination outlook through mid-2027 — here's what that means for California buyers and refinancers.

If you've been watching mortgage rates, you already know the trend hasn't been friendly lately. The 30-year fixed rate climbed to 6.95% this week — up nearly a quarter point from just seven days ago. The 15-year fixed isn't far behind at 6.26%. Meanwhile, the 10-year Treasury yield, a key benchmark that mortgage rates tend to follow, remains elevated above 4.9%.

On top of the rate movement, Fannie Mae recently scaled back its expectations for home loan volume through mid-2027. In plain terms, industry analysts aren't expecting a dramatic wave of new mortgages or refinances in the near future. That's largely because affordability remains stretched, especially here in California where home prices stay stubbornly high.

So what does this mean for you? If you're a buyer, waiting for rates to fall significantly may not be the best strategy — locking in now and refinancing later could make more sense. If you're sitting on an adjustable-rate mortgage, now is a good time to review your options before rates climb further.

Every borrower's situation is different. Reach out to our team today for a personalized rate quote and let's map out the smartest path forward for your home financing goals.