7% Mortgage Rates: The New Reality for Buyers?

For years, buyers became used to unusually low mortgage rates. Today, rates hovering in the 6.5%–7% range may be something buyers need to plan around rather than wait out. Recent mortgage-market surveys show rates approaching 7%.

So what does this mean for buyers?

Instead of waiting for the “perfect” interest rate, focus on what you can control: your monthly payment, purchase price, loan options, seller credits, and negotiating opportunities. If rates eventually come down, refinancing may also become an option depending on your circumstances.

For sellers, higher rates can mean buyers are more price-sensitive—making pricing, presentation, and strategy more important than ever.