Rates Are Up: What It Means for NYC Buyers Right Now
Mortgage rates have climbed again this fall. According to Freddie Mac, as of October 1, 2026:
- 30-year fixed: 7.28%, up from 7.03% last week and 6.34% a year ago
- 15-year fixed: 6.60%, up from 6.42% last week and 5.55% a year ago
Higher rates don't mean you should put your plans on hold. They mean you should plan more carefully.
What It Means for Your Payment
On a $750,000 30-year loan, today's 7.28% rate means a monthly payment of about $5,132 in principal and interest. A year ago, at 6.34%, that same loan cost about $4,662, roughly $470 less a month. Knowing your number before you shop helps you set a budget you're comfortable with.
Smart Moves for Buyers Right Now
- Get pre-approved early. You'll know exactly what you can afford, and your offer will be stronger. Co-op boards expect it too.
- Ask about a rate lock. Once you're in contract, a lock protects you if rates keep rising before closing.
- Consider a rate buydown. Paying points, or negotiating a seller credit toward them, can lower your rate.
- Remember you can refinance later. You buy the home once, but you can change the rate if rates come down.
The Silver Lining: Less Competition
When rates rise, some buyers wait on the sidelines. That often means fewer bidding wars and more room to negotiate on price and closing costs with sellers who are serious about moving.
Let's Talk About Your Options
Thinking about buying this fall? The Sapir Team works with trusted lenders who can walk you through pre-approval, rate locks, and buydowns. Reach out today, and we'll help you make a confident move, whatever rates are doing.
