Rates Are "High" Right Now — Here's What That Actually Means For You
Mortgage rates have been sitting around 6.5%–6.7% this summer, and if you've been half-following the headlines while renting and wondering when buying might make sense, that number probably sounds discouraging compared to the 3% rates people were getting a few years ago. Here's the more useful way to think about it.
Most economists expect rates to stay in the 6%–7% range for the next couple of years rather than drop back to pandemic-era lows. So if the plan is to wait it out until rates crash, that could be a long wait — and possibly the wrong move.
Higher rates actually shift some leverage back to buyers. When rates rise, the buyer pool thins out — fewer people are shopping, which means less competition, fewer bidding wars, and more sellers willing to negotiate on price, cover closing costs, or offer a temporary rate buydown. A higher rate with real room to negotiate can land you in a similar (or better) monthly payment than a lower rate on a home you had to overbid for.
A few practical moves, whether you're just starting to think about this or ready to act:
Get pre-approved before you're ready to buy. It's fast, costs nothing, and gives you a real number to work with instead of a guess.
Shop more than one lender. Rate quotes on the exact same loan can vary meaningfully between lenders — worth the hour it takes to compare a few.
Don't time your plans around the Fed. They meet July 28–29, but a Fed move doesn't always translate directly or immediately into mortgage rate changes.
If prices in LA still feel out of reach on one income, a starter condo or a house hack (renting out a unit or a room) is a common entry point worth exploring.
None of this needs to happen on any particular timeline. But if you've been putting off even a conversation about what buying could look like, happy to talk it through anytime — no pitch, just information.
— Ian
Check out more: U.S. News: Today's Mortgage Rates and LendingTree: Mortgage Rate Predictions for July 2026