A little breathing room on your monthly payment

The rate the government pays to borrow dropped to 4.55% today, down a tiny bit from yesterday. Mortgage rates usually move in the same direction, so today's average 30-year fixed rate is 6.5% (6.549% APR). That's a small step down from the 11-month highs we saw earlier this week. On a $500,000 loan, that's about $30 less per month than Monday's rate. Small moves add up.

The Fed meets in 8 days, and markets usually get jumpy right before that. Rates can bounce around. If you've been waiting for a dip, this is one. If you're ready to move, I'd lock today rather than gamble on next week. For buyers who need a lower payment up front, the 40-year interest-only loan at 6.875% (7.014% APR) cuts the monthly cost even more, with the rate fixed for all 40 years.

I answer my own phone. If you want to know what you can afford today or whether it makes sense to lock now, call me. We'll figure it out together.

Rates shown are today's average California rates as of 7/21/2026, for general information only and not an offer or commitment to lend. Your actual rate and APR depend on your credit, loan amount, down payment, and property, and rates and terms can change at any time. Brett Hickman, NMLS #2010859. Home First Financial, NMLS #2465048. Equal Housing Lender.