August has been filled with financial headlines stating interest rates have hit their highest levels since the financial crisis of 2008. While this may be true of some rates, don't be misled by sensational headlines.
Not all interest rates move in the same amounts, or even in the same directions. Mortgage rates are indeed higher than they were a year ago, but the spread between the 10-year Treasury and the 30-year fixed has done most of that work — not the Fed's policy rate, which is what most of those headlines are actually describing.
The rate you read about in the news and the rate you are quoted on a purchase are two different numbers.
What matters for a buyer in Folsom right now is the payment, and the payment depends on the loan program, the down payment, and whether the property carries a special assessment. We broker across more than twenty lenders, which means we are comparing today's actual pricing rather than one company's rate sheet.
If you are sitting on the sidelines waiting for a number you saw in a headline, call us. We will run your specific scenario and tell you plainly whether waiting is worth it.