It Was $3.48 Yesterday
A couple of weeks ago, I passed a gas station on my way home. Gas was $3.48 a gallon.
I looked at the price and thought, “I’ll fill up tomorrow.” Well… tomorrow turned into next week.
When I finally stopped to fill up, gas had climbed to $4.00 a gallon.
As I stood there watching the numbers climb on the pump, I couldn’t help but think, “I should have filled up when it was $3.48.”
It reminded me of conversations I have with homebuyers all the time.
Then came yesterday’s Federal Reserve meeting. Within hours, I started receiving questions like: “Can I still get the rate you quoted me a couple of weeks ago?”
I completely understand why people ask—and I wish I could say yes every time. If I could guarantee today’s rates would still be available two weeks from now, I absolutely would. Unfortunately, that’s one promise no lender can honestly make.
Yesterday, the Fed left short-term interest rates unchanged, just as the markets expected. But the meeting also reinforced that inflation remains above the Fed’s target, and policymakers aren’t ready to declare victory just yet. In fact, three Fed members voted in favor of raising rates.
So why aren’t mortgage rates the same as they were two weeks ago?
Because a mortgage rate quote is really a snapshot in time. It’s accurate when it’s given, but like many market-driven prices, it changes as the market changes.
Mortgage rates don’t move in lockstep with the Federal Reserve. They’re driven primarily by the bond market, where investors react every day to inflation, economic data, and expectations about what’s ahead. By the time the Fed announces its decision, the market has often been adjusting for days—or even weeks.
In many ways, it’s like standing at the gas pump. None of us knows exactly what tomorrow’s price will be.
Sometimes waiting works in our favor. Sometimes it doesn’t.
We simply make the best decision we can with the information we have today.
So what should buyers focus on?
Rather than trying to perfectly time mortgage rates, I encourage my clients to focus on the things they can control:
- Is this the right home for your family?
- Does the monthly payment fit comfortably within your budget?
- If rates improve later, would refinancing be an option?
Those questions will have a much bigger impact on your long-term financial success than trying to guess where rates will be next week.
Bottom Line
Looking back, it’s easy to wish we’d filled the gas tank at $3.48—or locked a mortgage rate a week earlier.
The challenge is that none of us gets tomorrow’s information today.
Rather than trying to predict the market perfectly, focus on finding the right home, choosing a payment that fits comfortably within your budget, and making the best decision based on what you know today.
If you’re wondering whether it’s the right time to buy or lock your rate, I’m always happy to talk it through.
Even if it’s just a quick question. No pressure. Just clarity.
The BankSouth Mortgage Advantage
Experience the speed of ReadyApprove from BankSouth Mortgage, where you can secure conditional approval for conforming loan limits within hours.
With ReadyLoan®, you can make this process even easier. Our digital platform lets you apply, track your loan progress, and submit documents securely—all from your computer or mobile device. You’ll be armed with the confidence to quickly submit an offer, and the seller will see you as a serious, prepared buyer.
Have peace of mind with our FREE one-time rate float-down* and no lender fee refinance** options!
When you purchase your home with me at BankSouth Mortgage, you may be able to refinance later with no lender fees. This program offers flexibility as life changes, with the potential for savings when it matters most.
*One-time float down available on 45-120 day rate locks. Float down must be executed at least 15 days prior to closing and must be at least .125 improvement. **This offer may change or end at any time without notice. “No Lender Fees” refers to waived origination charges. Eligibility conditions apply. Subject to credit and property approval.
Blog post date: Friday, July 31, 2026
