The government's borrowing cost just ticked up. Here's what it does to your payment.

The rate the government pays to borrow money (the 10-year Treasury) went up about 6 basis points this week. That's a small move, but mortgage rates usually follow the same direction. So today's average rate is 6.375%, up slightly from where we were a few days ago.

On a $500,000 loan, that's about $30 more per month compared to last week. Not huge, but enough to notice if you're already stretching your budget. The Fed meets again on July 29, and that could shift things either way. If you're close to ready, now's a good time to get pre-approved so you know exactly what you can afford, no matter where rates go next.

I answer my own phone. If you want to run your numbers or lock something in, call me at (949) 350-8005. Informational only, not a commitment to lend, rates subject to change. Brett Hickman, NMLS 2010859. Equal Housing Opportunity.