Selling for cash · November 21, 2026 · 11 min read
Mortgage rates above 7%: how fewer buyers can afford your house, and what to do
Published by BIMINIO Properties, a company that buys houses for cash in Florida and Arizona.
Scheduled for November 21, 2026.
If your house has been on the market longer than you planned, or you are deciding when to list, the mortgage rate is part of the reason. For a buyer who borrows, a higher rate means the same monthly payment covers a smaller loan, and some buyers drop out of the price range of your house.
This post shows the numbers: today's rate, what it does to a buyer's payment, what local sales reports say for Tampa, Orlando, Lakeland, Miami, Phoenix and Glendale, and what each month of waiting costs you as a seller. It gives no financial advice. Use it to ask better questions of your agent, your lender or a buyer.
Where rates are today
Freddie Mac surveys lenders every week and publishes the average rate. For the week of November 5, 2026, the Primary Mortgage Market Survey reported:
| Loan | Average rate, November 5, 2026 | One year earlier |
|---|---|---|
| 30-year fixed | 7.18% | 6.22% |
| 15-year fixed | 6.57% | 5.50% |
The lowest weekly 30-year average in Freddie Mac's 2021 archive was 2.65%, on January 7, 2021.
What the rate does to a buyer's budget
A buyer with a loan starts from the monthly payment they can afford. Take a buyer who can pay $2,500 a month for principal and interest on a 30-year fixed loan. Here is the loan that payment covers at each rate:
| Rate | Loan a $2,500 monthly payment covers |
|---|---|
| 2.65% (January 7, 2021) | $620,403 |
| 6.22% (one year before November 5, 2026) | $407,320 |
| 7.18% (November 5, 2026) | $369,039 |
The same payment covers 40.5% less loan than in January 2021, and 9.4% less than a year ago. Property tax and insurance come on top of these payments. Our post on selling a house with an old roof in Florida explains how the roof affects a buyer's insurance.
We worked these numbers with the standard formula for a fixed-rate loan with 360 monthly payments. A lender's figures can differ by a few dollars because of rounding.
The payment on a typical house in each city
Here is the monthly principal and interest on a loan for 90% of each area's latest median sale price, at three rates. The medians come from the Florida Realtors September 2026 report for each metro area and the Phoenix Realtors October 2026 report for each city.
| Area | Median sale price | Payment at 2.65% | Payment at 6.22% | Payment at 7.18% |
|---|---|---|---|---|
| Tampa metro | $400,000 | $1,451 | $2,210 | $2,439 |
| Orlando metro | $441,860 | $1,602 | $2,441 | $2,694 |
| Lakeland metro | $325,000 | $1,179 | $1,795 | $1,981 |
| Miami metro | $659,000 | $2,390 | $3,640 | $4,018 |
| Phoenix | $481,998 | $1,748 | $2,663 | $2,939 |
| Glendale, Arizona | $420,000 | $1,523 | $2,320 | $2,561 |
On a typical Tampa house, the buyer pays $229 more each month than at last year's rate, and $988 more than in January 2021, before taxes and insurance.
What the local sales reports show
Florida, September 2026
Florida Realtors reported 20,537 closed single-family sales statewide in September 2026, down 3.5% from a year earlier. The statewide median price was $415,000, up 1.2%, and there was a 4.4-month supply of single-family homes. The group's chief economist, Brad O'Connor, said "the rise in interest rates that's occurred so far this year has been enough to put a halt to this growth" in sales.
The metro area table for the same month:
| Metro area | Closed sales | Change from a year earlier | Median sale price | Change |
|---|---|---|---|---|
| Tampa-St. Petersburg-Clearwater | 2,938 | down 7.7% | $400,000 | up 0.5% |
| Orlando-Kissimmee-Sanford | 2,317 | up 0.7% | $441,860 | up 0.4% |
| Lakeland-Winter Haven | 905 | down 8.8% | $325,000 | down 1.5% |
| Miami-Fort Lauderdale-West Palm Beach | 2,930 | down 4.7% | $659,000 | up 3.0% |
Phoenix and Glendale, October 2026
The Phoenix Realtors Local Market Updates for Phoenix and Glendale, built from ARMLS data, show single-family homes in October 2026:
| Measure | Phoenix | Glendale |
|---|---|---|
| Pending sales | 427, down 48.2% from 825 | 87, down 53.2% from 186 |
| Closed sales | 712, down 13.1% | 156, down 10.3% |
| Median sale price | $481,998, up 2.6% | $420,000, no change |
| Days on market until sale | 65 | 60 |
| Homes for sale | 3,380, up 14.3% | 744, up 21.8% |
| Months of supply | 4.2, up from 3.6 | 4.1, up from 3.3 |
| Percent of list price received | 97.7% | 98.9% |
Pending sales are signed contracts that have not closed yet. In one year they fell 48.2% in Phoenix and 53.2% in Glendale, while the number of homes for sale went up 14.3% and 21.8%.
Want a number that does not depend on a buyer's loan? Get a written cash offer within 24 hours. A written cash offer comes within 24 hours, with the comparable sales we used. There is no cost and no obligation.
What each month of waiting costs you
Prices in these reports have held close to last year. For a seller, the cost of a slow market is time. Every month the house sits, you keep paying for it. Add up your own monthly costs:
| Cost | Where to find it |
|---|---|
| Mortgage payment | Your statement |
| Property tax | Your yearly bill divided by 12 |
| Insurance | Your yearly premium divided by 12 |
| HOA dues | Your HOA statement |
| Utilities and lawn care | Your bills |
| Repairs that come up while the house sits | Your own records |
If the total is $2,800 a month and the house takes three more months to sell, the wait costs you $8,400. That is money you could give up in price and end up with the same amount. Put both paths into the net proceeds calculator to compare them.
What sellers can do when rates are high
Price to the market from day one
Phoenix sellers received 97.7% of list price in October 2026, and Glendale sellers 98.9%. Those figures cover houses that sold. Ask your agent for the sales of the last 90 days near you, and price from those, so the months in the cost table above stay few.
Help the buyer with costs
Lenders let a seller pay part of the buyer's costs, within limits. Fannie Mae's Selling Guide, section B3-4.1-02, caps these "interested party contributions" for a principal residence:
| Buyer's loan as a share of the value | Most the seller and other interested parties can pay |
|---|---|
| Over 90% | 3% |
| 75.01% to 90% | 6% |
| 75% or less | 9% |
| Investment property, any loan size | 2% |
The money can go to the buyer's closing costs, or to a temporary buydown that lowers the buyer's rate for the first years of the loan. A lower payment can bring a buyer back into your price range. Ask the buyer's lender how a credit would work before you agree to one.
Know your floor before you negotiate
Decide the lowest net amount you will take before the first offer arrives. Our post on how to counter a cash offer explains how to answer an offer and what to ask for besides price.
Compare with a buyer who does not need a loan
A cash offer does not depend on the buyer getting a mortgage approved, so the sale has no loan approval or appraisal step. The trade is price: a cash offer is below full market value, because the buyer takes on repairs, holding costs and resale risk. Put the cash number next to a listing price minus the months of carrying costs, and pick the one that leaves you more, or the one that fits your timeline.
How BIMINIO buys houses when rates are high
We buy houses for cash in Tampa, Miami, Orlando, Lakeland, Phoenix and Glendale. Our offer does not depend on a buyer's mortgage approval, and every offer comes with proof of funds.
You get a written offer within 24 hours, with the comparable sales we used and proof of funds. You pick a closing date from 7 to 35 days out, and we pay the closing costs. If your listing has expired, our page on listings with no buyers explains what we do differently. To start, fill in the form on this page, or call us at (813) 729-8998 in Florida or (602) 387-7772 in Arizona.
Thinking about selling? BIMINIO buys houses in Florida and Arizona as is. A written offer comes within 24 hours, and you pick the closing date.
Sources
- Freddie Mac, Primary Mortgage Market Survey, weekly averages as of November 5, 2026, read November 9, 2026
- Freddie Mac, Primary Mortgage Market Survey archive, 2021, read November 9, 2026
- Florida Realtors, Fla.'s Housing Market Continues Recent Trends in Sept. and 3Q 2026 (released October 16, 2026), read November 9, 2026
- Florida Realtors, Single-Family Home Market Sales Activity by Metropolitan Statistical Area, September 2026, read November 9, 2026
- Phoenix Realtors, Local Market Update, Phoenix, October 2026 (data from ARMLS, current as of November 3, 2026), read November 9, 2026
- Phoenix Realtors, Local Market Update, Glendale, October 2026 (data from ARMLS, current as of November 3, 2026), read November 9, 2026
- Fannie Mae Selling Guide, B3-4.1-02, Interested Party Contributions (May 7, 2025), read November 9, 2026
Situations this helps with
Guides
- Cash offer vs listing: the costs
- How a cash offer is worked out
- House did not sell with an agent
- Comparing cash offers
- What happens at closing
- Selling a house after you move away
This post is general information. BIMINIO does not give legal, tax or financial advice.
