09/23/2026
🏠 Mortgage Rates Are Up. Should You Stop Looking for a Home?
Not necessarily. Here's some perspective.
If you've been following the housing market, you've probably noticed mortgage rates moving higher.
The 10-year Treasury yield recently climbed above 5%—a level we haven't seen since 2007. Mortgage rates often move in the same general direction as longer-term Treasury yields, and the average 30-year fixed mortgage rate recently reached 6.95%.
What's behind the move?
Higher oil prices, renewed inflation concerns, and expectations for a relatively strong economy are all putting pressure on the bond market and, in turn, borrowing costs.
But here's the part I don't want buyers to overlook...
A higher mortgage rate doesn't necessarily mean you should put your home search on hold.
When rates are higher, some buyers step back from the market. And when there are fewer buyers competing for the same homes, buyers who remain active may have more opportunities to negotiate.
That could mean:
✅ Less competition
✅ Fewer multiple-offer situations
✅ More negotiating room on price
✅ Opportunities for seller-paid closing costs
✅ Potential rate buydowns
✅ Repairs or other concessions
And here's another important consideration:
Today's interest rate isn't the only factor that determines whether buying makes sense.
The purchase price matters.
The amount of competition matters.
Seller concessions matter.
Your financing matters.
And, most importantly, whether the payment fits comfortably within your budget matters.
If mortgage rates decline in the future, refinancing may be an option depending on your circumstances and the costs involved. But lower rates can also bring more buyers back into the market, potentially increasing competition.
So don't let one number—the mortgage rate—be the only thing that determines whether you continue your home search.
Stay steady. Look at the entire opportunity.
If you're thinking about buying but the recent rate movement has you questioning whether you should keep going, let's talk. I can connect you with one of my qualified lenders so you can look at your actual numbers and see what options may be available to you.
🏡 The right home at the right price with the right financing can still make sense—even when rates aren't where we'd like them to be.
