A pre-approval signed before rates jumped doesn't stretch as far today. Mortgage rates hit 7.28% this week, the biggest one-week jump since October 2022, and on a $429,100 median home with 10% for the down payment, that's about $278 more every month than a year ago.
That's the math buyers are redoing right now. The credit reports are paid for, the lender already said yes, and the approval number suddenly feels smaller than it did.
But sellers are redoing their math too. 20.8% of active listings had a price cut in September, the highest September since 2018.
Picture the buyer who walks into this fall prepared. The homework is done. The approval is in hand. And while the headlines say stop, this buyer says, "Let me see what the numbers look like now."
That buyer is you.
Economists are saying buyers who navigate today's financing costs will likely find more choices, less competition, and more room to negotiate. The same fall that made the payment feel heavier is also opening doors that were closed a year ago.
You did the hard part. Now you get to stand in a front doorway with a plan that fits.
The Road Home is a Facebook group for buyers walking this road. Come find your people and your next step.
