Mortgage rates recently hit a yearly high, with the 30-year fixed loan settling in the low-7% range across the country. For those considering other options, the 15-year fixed is in the high-6% range, while 7/6 ARMs are hovering near 7%. FHA, VA, jumbo, and home equity products are trending higher as well.
Every borrower’s needs are unique—conventional loans tend to suit those with strong credit profiles, while FHA loans can open doors for first-time or credit-challenged buyers. VA loans remain a powerful resource for eligible service members. For homes at a higher price point, jumbo loans are still essential, especially in markets like Tennessee, Alabama, and North Carolina, where I work closely with clients navigating these scenarios.
With rates above 7%, affordability becomes more challenging and the numbers matter more than ever. Using mortgage calculators to run the numbers is a smart first step—comparing monthly payments can help you understand your true budget before locking in a loan. And for sellers, pricing strategy and a willingness to negotiate can make all the difference when rates create hesitation for buyers.
As we head towards year-end, it looks like mortgage rates will continue to hover around 7% or higher. Whether you’re a first-timer, a seasoned investor, or working through a unique situation like self-employment or VA eligibility, having the right guidance is key to making the best move in this market.
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