The national average 30-year fixed mortgage rate reached 7.03 percent for the week ending September 24, 2026, a one-year high and the first time it has topped 7 percent since January 2025, according to Freddie Mac. If you are house-hunting in Novato, Petaluma, or anywhere in Marin and Sonoma County, you are probably asking the same question I hear every day right now: should I wait to buy? The honest answer is that waiting does not guarantee a better rate, and for many buyers the cost of waiting is growing faster than the chance that rates help them catch up.
What actually changed this week
Freddie Mac's weekly survey averaged 7.03 percent on the 30-year fixed loan, up from 6.95 percent the prior week, with the 15-year fixed at 6.42 percent, up from 6.26 percent. One year ago this week, the 30-year averaged 6.30 percent. In a year of waiting for rates to come down, the market moved the other direction by nearly three-quarters of a point.
Here is what that costs in real dollars. On an $800,000 loan, the difference between 6.30 percent and 7.03 percent is roughly $385 more per month in principal and interest, about $4,600 a year. That is a real number, but it is only half the story: the homes themselves have not been sitting still either.
What waiting actually bets on
Waiting to buy is a bet that rates and prices will fall at the same time, and that you will still win the home you want when they do. Our market has a habit of doing the opposite: when rates drop, more buyers jump back in, and competition tends to push prices back up. Right now Novato's median sale price is holding near $1.1 million with homes selling in about a month, and Petaluma's median sits around $900,000 with homes moving in roughly 28 days, according to Redfin. The moment rates ease, the same homes draw more offers.
What you can do at 7 percent without waiting
- Shop the rate, not just the house. Quotes on the same loan can differ by fractions of a point, and a small difference adds up to thousands of dollars over the life of your loan.
- Get pre-approved at today's rates so your price range is honest before you start looking.
- Check down payment assistance. CalHFA and the Marin and Sonoma county programs can cover a meaningful share of your down payment, and my mortgage guide shows what is available.
- Use the slower fall market. More days on market means more room to negotiate on price and repairs, which can offset a rate you cannot control.
- Decide on the number, not the rate. Your price point, your payment, and your timeline are yours to set; the rate is the one number you cannot control.
I am not here to tell you prices will never soften, and I will never push anyone into a home they cannot afford. But after 21 years and more than 100 homes sold in Novato and Petaluma, I can tell you which buyers win in this market: the ones who are pre-approved, decisive, and working from their real number.
Helpful next steps
“Waiting for the perfect rate is a gamble. Buying the right home at the right price is a plan.”
Peter Schardt
Written by
Peter Schardt
21 years in real estate, 100+ homes sold, and a lifetime in the North Bay. Sales Associate · 01702383 · California.
