Rates edged down again this week. Here's the dollar difference.

The rate the government pays to borrow money (the 10-year Treasury yield) fell to 4.64% yesterday, down about six points from the day before. Mortgage rates usually track that number pretty closely, so today's average 30-year fixed rate is 6.875% (6.924% APR). That's a small move, but it adds up. On a $500,000 loan at 6.875% (6.924% APR), your monthly principal and interest payment is about $3,200. A week ago at 6.75%, that same loan would have cost you $3,243 a month. You just saved $43 a month, or $516 a year.

If your budget is tight, the 40-year interest-only option at 7.125% (7.315% APR) drops that payment to $2,865 a month for the first 40 years (interest only, then the balance is due). It's a non-QM loan, so not for everyone, but it's one way to free up cash flow if your income is solid and you want the lower payment up front. The Fed meets September 16, and rates could move either way after that. If you're close, now's a good time to lock.

I answer my phone. If you want to walk through what you can actually afford and what makes sense for your situation, call me.

Rates shown are today's average California rates as of 9/11/2026, 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.