Mortgage Rates Hit 7.39% — What California Buyers Should Do Now

30-year fixed mortgage rates have climbed to their highest levels in nearly three years, topping 7.39%. Here's what this means for California homebuyers and how to navigate today's market.

If you've been watching mortgage rates hoping for relief, the latest numbers aren't encouraging. The 30-year fixed-rate mortgage has now pushed past 7.39% — a level we haven't seen in nearly three years. Just a week prior, rates were sitting around 7.28%, meaning the jump happened fast.

For California buyers, this has real dollar impact. On a $700,000 loan, the difference between 7.28% and 7.39% adds roughly $55 to your monthly payment — and that adds up to over $650 a year.

So what should you do? A few thoughts:

**Lock sooner rather than later.** If you're in the middle of a purchase, don't gamble on rates dropping before closing. The trend is still moving upward.

**Explore all loan options.** Adjustable-rate mortgages (ARMs) or buydown programs may offer lower effective rates, especially if you don't plan to stay in the home long-term.

**Revisit your purchase price range.** Higher rates mean your buying power has shifted. Make sure your pre-approval reflects today's rates, not what they were six months ago.

This market rewards buyers who are prepared and move decisively. Ready to explore your options? Contact our team today for a personalized rate quote and loan strategy.