Mortgage Rates Changed Again—
Does Your Preapproval Still Work?

Crouch Desert Duo | Oro Valley • Tucson • Surrounding Communities

If you were preapproved for a mortgage a few weeks ago, you may be assuming you already know how much home you can afford.

It may be time to check again.

Mortgage rates have moved sharply in recent weeks. According to Freddie Mac, the average 30-year fixed mortgage rate reached 7.28% on October 1, up from 6.76% on September 10.

That may not sound like an enormous difference. But when you translate it into a monthly payment, it can matter.

A Half-Point Can Change the Numbers

Consider a buyer financing $400,000 on a 30-year fixed mortgage.

At 6.76%, the principal-and-interest payment is approximately $2,597 per month.

At 7.28%, it’s approximately $2,737 per month.

That’s about $140 more every month—without changing the price of the house at all.

And if a buyer was already near the upper end of the debt-to-income ratio allowed by the lender, that change could potentially affect the amount the buyer qualifies to borrow.

These examples are for illustration only and do not include taxes, insurance, HOA fees, mortgage insurance or other costs. Actual rates and loan terms vary by borrower and lender.

But My Preapproval Says I Can Buy Up to $___

A preapproval is extremely useful, but it isn’t a promise that the numbers will remain unchanged indefinitely.

It is based on the financial information and lending conditions available when the lender prepared it. Interest rates can change. Property taxes and insurance vary from house to house. HOA fees can affect qualification. Your credit, income, debts or available funds can also change.

That’s why we don’t like buyers to think of a preapproval as something they obtain once and put in a drawer.

Think of it as a financial snapshot.

And when the market changes significantly, it’s worth taking another snapshot.

Does This Mean You Should Stop Looking?

Not necessarily.

In fact, a changing market can create opportunities.

Higher rates can cause some buyers to step back, potentially reducing competition for certain homes. Sellers may become more willing to negotiate. And sometimes the smartest negotiation isn’t simply a lower purchase price.

A seller concession that helps pay closing costs or fund an interest-rate buydown may have a greater immediate impact on a buyer’s monthly payment than a modest price reduction.

That’s something buyers, their real estate agent and their lender can evaluate together based on the particular transaction.

Tucson Buyers Have Another Factor to Consider

Here in the Tucson area, resale homes aren’t competing only with other resale homes.

They’re also competing with new construction.

Builders may be able to offer financing incentives or mortgage-rate buydowns that an individual homeowner can’t easily duplicate. That means buyers should compare the entire financial package, rather than simply comparing the advertised prices of two homes.

For sellers, it also means understanding what buyers are seeing elsewhere in the market. When financing costs rise, pricing and negotiating strategy become even more important.

Before You Fall in Love With the House, Make One Call

If you’ve been preapproved and mortgage rates have changed since you last spoke with your lender, call before writing an offer.

Ask:

• What interest rate are we using today?
• What does that do to my estimated monthly payment?
• Has my maximum comfortable purchase price changed?
• Would seller concessions or a rate buydown make sense for me?
• Are there other loan programs we should consider?

Notice that we said comfortable purchase price, not simply maximum qualifying price.

Those aren’t necessarily the same number.

The Bottom Line

Mortgage rates move. Your home-buying strategy can move with them.

A rate increase doesn’t automatically mean you can’t buy the home you want. It may mean adjusting the price range, negotiating differently, considering financing incentives, or simply confirming that the original numbers still work.

The important thing is not to discover the change after you’ve found the house.

Already preapproved and wondering whether today’s rates have changed your home-buying budget? Let’s talk before you start—or continue—your search.

 

Lori Crouch & Patty Crouch
Crouch Desert Duo
COLDWELL BANKER REALTY
Serving Oro Valley, Tucson and the surrounding communities
HousesForSaleInTucson.com
619-560-1325

We are real estate professionals, not mortgage lenders. Financing information is provided for general educational purposes. Buyers should consult a qualified mortgage professional regarding loan qualification, rates, programs and terms.

 

Source note: Freddie Mac Primary Mortgage Market Survey rate figures referenced in this article: 6.76% on September 10, 2026 and 7.28% on October 1, 2026.