Rates jumped to their highest level since 2023. Here's what that means for you.
By Felipe Salgado · Realtor & Loan Officer · Corona, CA
Mortgage rates rose for a fourth straight week, and fall is usually a slower season for SoCal real estate. That combination creates real opportunities on both sides, if you know where to look.
What happened
Freddie Mac's weekly survey put the average 30-year fixed rate at 7.28% on October 1, up from 7.03% the week before and 6.34% a year ago. In Riverside County, the median sale price rose to $649,000 in July, up about 3% from a year earlier, while the number of sales dropped from June.
If you're buying
Higher rates mean fewer buyers competing, and sellers who are more willing to negotiate on price, repairs or credits toward your costs. Get pre-approved now so you know your real budget, and ask about options like a rate buydown, plus FHA and VA programs. If rates come back down later, a refinance may be an option.
If you're selling
Buyers are more payment-sensitive, so pricing right from day one matters more than ever. Homes priced for the market still sell. Homes priced for last spring sit, and then sell for less. If your listing expired over the summer, this is a good time to rethink the price and the plan before the holidays.
If you own a home
If you have a low first-mortgage rate, keep it. If you need cash for a remodel or to consolidate debt, a HELOC or home equity loan lets you tap your equity without touching your first mortgage.
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Sources: Freddie Mac Primary Mortgage Market Survey, October 1, 2026; California Association of REALTORS® July 2026 data, as reported by NBC Palm Springs.