Befitting of All Hollows’ Eve, mortgage rates passed the 7% mark today, continuing their upward climb. Here’s what you need to know about today’s rates and what’s driving them:
Today’s Mortgage Rates
| Loan Type | Current Rate | Daily Change |
|---|---|---|
| 30-Year Fixed | 7.08% | +0.08% |
| 15-Year Fixed | 6.51% | +0.04% |
| 30-Year Jumbo | 7.15% | +0.05% |
| 30-Year FHA | 6.59% | +0.13% |
| 30-Year VA | 6.60% | +0.12% |
What This Means for Your Wallet
For Coastal SoCal Homebuyers (Orange, LA & San Diego Counties)
On a typical loan amount of $900,000:
- Today at 7.08%: $6,036 monthly payment
- One month ago at 6.50%: $5,689 monthly payment
That’s an additional $347 monthly for coastal buyers.
For Inland Empire Homebuyers (Riverside & San Bernardino Counties)
On a typical loan amount of $450,000:
- Today at 7.08%: $3,018 monthly payment
- One month ago at 6.50%: $2,844 monthly payment
That’s an extra $174 per month for the same house.
Why Rates Are Moving
The September jobs report showed 254,000 new positions – way above the expected 147,000.
Strong employment numbers typically push rates higher, and that’s exactly what we’re seeing. The unemployment rate is holding steady at 4.1%, showing continued economic strength.
What’s Coming Up
- The Fed meets next week (November 7)
- Friday’s jobs report could shake things up
- Keep an eye on construction employment, which added 25,000 jobs last month
Bottom Line for SoCal Buyers
Rates are about 1% lower than last year’s painful 7.88, but they’re trending up. If you’re house hunting, remember: every 1% rate increase cuts your buying power by about 10%. Work with your lender to make sure you consider all loan options, including FHA loans at 6.59% and VA loans at 6.60%, which are currently offering better rates than conventional loans for the right borrower. Keep in mind that government loans do require mortgage insurance of some form or another which could affect your final rate.
Want to know what’s happening with rates in real-time? Check back daily for updates on what matters to Southern California homebuyers.
