09/29/2026
A mortgage rate around 7% can feel high—especially when buyers remember the historically low rates of a few years ago.
But here’s some perspective:
When you strip life down to the fundamentals, we all need a few basic things: food, shelter, clothing, and a way to get where we need to go. Shelter isn’t a luxury—it’s one of the foundations of everyday life.
Yet many consumers regularly pay 15%–25%+ interest on credit cards for groceries, gas, clothing, dining, travel, and other purchases—many of which are consumed or lose value.
So why are we willing to accept double-digit interest rates on so many things we buy, but hesitate at 7% when it comes to putting a roof over our heads?
And there’s an important difference: a home isn’t simply something we consume. Homeownership can provide shelter while also offering the opportunity to build equity and long-term wealth over time.
Does that mean the rate doesn’t matter? Absolutely not. Your monthly payment needs to make sense for your budget. But the interest rate is only one piece of the buying decision.
Depending on the property and market conditions, buyers may also have opportunities to negotiate price, ask for seller concessions, or potentially use concessions toward an allowable interest-rate buydown.
So maybe the question isn’t simply:
“Is the rate too high?”
Maybe it’s:
“Can we structure a purchase that makes sense for me right now?”
That’s the conversation worth having.
Thinking about buying in Prescott, Prescott Valley, or the surrounding area? Send us a message. We’ll help you look at the whole picture—not just the rate.
Edner Riley & Co.
Two generations. One standard.
