Mortgage Rates Just Passed 7%. What Should Buyers in Midlothian and Chesterfield Do Now?

Short answer: On September 24, 2026, the average 30-year fixed mortgage rate reached 7.03%, according to Freddie Mac's weekly survey. That's the first time it's been above 7% since January 2025.

On a $360,000 loan, that's about $174 more per month than the same loan at last year's rate. It's real money. It's also not a reason to panic or to stop looking. It's a reason to rerun your numbers, ask your lender better questions, and know where you actually have room to negotiate.

I'm Christine Case, a REALTOR® with NextHome Advantage in Midlothian, Virginia, helping buyers and sellers in Chesterfield County and Metro Richmond understand their options before they make a move.

Three things landed close together.

1. The Federal Reserve raised its rate on September 16. It moved its target range up a quarter point, to 3.75% to 4%.
2. The 10-year Treasury yield climbed to about 5.1%. News reports called it the highest level in about 19 years. Mortgage rates tend to follow this number more closely than they follow the Fed.
3. Freddie Mac's 30-year average went from 6.95% to 7.03%. Two weeks earlier it was 6.76%. A year ago it was 6.30%.

One thing that helps to know: the Fed does not set your mortgage rate. Your lender does, based on the bond market, your credit, your down payment, and your loan type. So the 7.03% headline is an average. Your quote could be higher or lower.

Here's one example, with the math shown so you can check it. Say you buy a $400,000 home in Chesterfield County with 10% down, so your loan is $360,000 on a 30-year fixed.

That's about $65 more a month than two weeks ago, and about $174 more than a year ago.

Then add Chesterfield County real estate tax. The 2026 rate is $0.89 per $100 of assessed value. On a $400,000 assessment, that's $3,560 a year, or about $297 a month.

Your real payment also includes homeowners insurance, and possibly mortgage insurance and HOA dues. Those depend on the house and the loan, so get them from your lender and the listing, not from an average.

This example is not a quote and not a prediction. It's there so you can see the size of the change. Your lender can run it with your actual numbers in about ten minutes.

Not automatically. The better question is: does the payment at today's rate still work for your budget, with room left over?

If yes, keep looking. The right house at a payment you're comfortable with is still the right house.

If no, you have options before you give up. You can adjust the price range, the down payment, the loan type, or the rate itself (more on that below). And if none of that works yet, waiting is a fine decision too. I'd rather help you make the right decision than a fast one.

What I wouldn't do is decide based on a headline. A buyer who stops shopping because of "7%" might miss the right house, and in Chesterfield, well-priced homes still don't sit long.

Here are six moves, in the order I'd make them.

1. Rerun your pre-approval at today's rate

A pre-approval from July or August was likely figured at a lower rate. Ask your lender to rerun it at today's pricing. You want to know your real top number before you fall in love with a house, not after.

2. Ask your lender about a rate lock and a float-down

A rate lock holds your rate for a set period while you get to closing. A float-down option, if your lender offers one, lets you take a lower rate if rates drop before you close. Ask how long the lock lasts, what it costs, and what happens if closing gets pushed back.

3. Ask about a seller-paid rate buydown

This is the one most buyers don't know to ask for. Instead of asking only for a lower price, you may be able to negotiate seller-paid closing costs or credits. Those credits can go toward allowable financing costs, which may include discount points or a temporary rate buydown.

There are two common kinds:

• A permanent buydown. You pay "points" at closing to lower the rate for the life of the loan. One point costs 1% of the loan amount. How much each point lowers your rate changes from day to day, so ask your lender for today's pricing.
• A temporary buydown, like a 2-1. Your rate is 2 points lower in year one and 1 point lower in year two, then goes back to the note rate. Someone has to cover that gap upfront, and it can be the seller, as a credit at closing. Your lender can tell you what it would cost on your loan.

A seller credit toward a buydown can sometimes do more for your monthly payment than the same dollars cut from the price. Your lender can run both side by side. Loan programs have limits on how much a seller can contribute, so check those first.

Locking your rate is a separate step you handle with your lender. The seller credit and the rate lock work together, but they aren't the same thing.

4. Compare loan types, not just rates

A conventional 30-year fixed isn't the only option. FHA, VA, USDA, and adjustable-rate loans each price differently and fit different buyers. If you're a first-time buyer, Virginia also has programs that may help with the down payment. I wrote about those here: First-Time Buyer Programs in Virginia. Ask your lender to show you two or three options on one page.

5. Negotiate where there's room

Here in Chesterfield County, homes are still moving. In August 2026, days on market for single-family homes was 22, and the county had just 1.9 months of inventory, according to Central Virginia Regional MLS data. Even with rates above 7%, a well-priced home isn't going to sit around waiting for you.

So the room to negotiate is usually on homes that have been listed longer than that, or where the seller has already cut the price. Those are the sellers most likely to say yes to a buydown, closing cost help, or repairs. Buyer competition also tends to ease after summer, and higher rates can thin the crowd a little more.

I covered the closing cost side of this in Are Home Sellers Paying Buyer Closing Costs Again in Metro Richmond?.

6. Don't buy based on a refinance you haven't gotten yet

You'll hear "marry the house, date the rate." Rates might come down, and refinancing might help later. But refinancing has its own costs, and nobody can promise when rates will drop. Both Fannie Mae and the Mortgage Bankers Association expected rates to hold about steady for the rest of 2026 as of this summer. Buy a payment you can live with at today's rate. If rates drop later, that's a bonus, not the plan.

• Shopping with an old pre-approval. Your top price may have dropped since the summer. Find out now.
• Asking only for a price cut. A buydown or closing cost credit can help your monthly payment more. Run both.
• Getting one rate quote. Rates and fees vary between lenders. Compare at least two Loan Estimates on the same day.
• Not asking how your rate lock works. When rates move fast, a few days can change your payment. Ask your lender when you can lock and what happens if closing moves.
• Stretching the budget because "rates will drop." See move 6.
• Making the decision off the news. The headline is an average. Your numbers are what count.

These are examples, not real clients.

A first-time buyer in Chesterfield, pre-approved in July. Their top budget was $400,000. At today's rate, the same monthly payment buys less house. Instead of dropping their range right away, they ask their lender to price a 2-1 buydown and plan to ask the seller to pay for it. Their lender runs the numbers both ways so they can compare.

A move-up buyer in Midlothian with a home to sell. Their current mortgage rate is much lower than 7%. The new payment is the hard part. They compare a bigger down payment from their sale proceeds against a permanent buydown to see which lowers the payment more. If you're in this spot, this post will help too: Can I Buy a House Before I Sell Mine?

A buyer who decides to wait. They run the numbers and the payment doesn't fit yet. They keep saving, keep an eye on rates, and keep a lender ready so they can move fast if rates or prices change. That's a good plan too.

Buyers are doing the same math you just read. A buyer who can't make the payment work at 7% may still be able to buy your house if you offer to help with their rate.

Offering a buydown credit instead of a price cut can keep your sale price higher and make your home stand out to payment-focused buyers. Whether that makes sense depends on your home, your price, and your competition. It's a conversation for your pricing plan, not a rule. More on pricing here: How Do I Know If My House Is Overpriced?

What is the current mortgage rate in Virginia?

Freddie Mac publishes a national average, not a Virginia average. On September 24, 2026, the 30-year fixed average was 7.03% and the 15-year fixed was 6.42%. Your actual rate depends on your credit, down payment, loan type, and lender.

Did the Fed raise mortgage rates?

The Fed raised its own rate by a quarter point on September 16, 2026. That doesn't set mortgage rates directly. Mortgage rates follow the bond market, especially the 10-year Treasury yield, which also rose.

Can the seller pay to lower my interest rate?

Often, yes. A seller can pay for a rate buydown as a credit at closing, within the limits of your loan program. Ask your lender what your loan allows before you make an offer.

What is a 2-1 buydown?

A temporary buydown where your rate is 2 points below the note rate in year one and 1 point below in year two. From year three on, you pay the full note rate. Someone, often the seller, pays the difference upfront.

Is fall a good time to buy a house in Midlothian?

Buyer competition usually eases after summer, but homes are still moving. Days on market for Chesterfield single-family homes was 22 in August 2026, per Central Virginia Regional MLS data. Your best negotiating room is usually on homes that have sat longer than that. Whether it's a good time for you depends on your payment, your plans, and the houses available. That's a decision worth running with real numbers.

Should I wait for rates to go down before buying?

Maybe. It depends on whether today's payment works for you. I wrote a full post on that question here: Should I Wait for Mortgage Rates to Drop?

How much are property taxes in Chesterfield County?

The 2026 real estate tax rate is $0.89 per $100 of assessed value, set by Chesterfield County. On a $400,000 assessment, that's $3,560 a year.

Rates are one piece of the decision. The house, the price, and the offer are the rest, and that's where I come in.

Send me the neighborhoods you're looking at and your price range. I'll show you which homes have been on the market long enough that a seller may be open to a credit, and how to write an offer that asks for it. For your rate and payment, I'll connect you with local lenders I trust, so you get real numbers from a licensed pro.

If waiting turns out to be the smarter call, I'll tell you that too. Call or text me at (804) 381-1628.

About the author: Christine Case is a REALTOR® with NextHome Advantage in Midlothian, Virginia, helping buyers and sellers in Chesterfield County and Metro Richmond understand their options before they make a move.

Sources: Freddie Mac Primary Mortgage Market Survey (September 10 and September 24, 2026); Federal Reserve FOMC statement, September 16, 2026; Chesterfield County real estate tax rate; Central Virginia Regional MLS market statistics, August 2026. Payment examples are principal and interest only, on a 30-year fixed loan. Checked September 26, 2026.

This article is general education, not lending advice. Talk with a licensed mortgage lender about your own rate and loan options.

Buying in Midlothian, Chesterfield or anywhere in Metro Richmond and want to talk it through first? I'm Christine Case, a REALTOR® with NextHome Advantage, and I would rather help you understand your options than rush you into anything. Start with what living in Midlothian is really like, browse more straight answers on the blog, or send me your question and I'll answer it myself.