Mortgage rates crossed 7% this week. Here’s what that means if you’re buying or selling in Pasco County.

The big story

Freddie Mac’s 30-year fixed averaged 7.28% on October 1. That’s up a quarter point in one week and nearly a full point from a year ago, when it was 6.34%. It’s the fourth weekly increase in a row: 6.76%, 6.95%, 7.03%, now 7.28%. The 15-year averaged 6.60%.

The driver is the Fed. On September 16 the Federal Reserve raised its target range a quarter point to 3.75% to 4.00%, and two Fed officials said this week they may not be done. The next meeting is October 27 and 28.

Buyers are already reacting. The Mortgage Bankers Association reported applications down 6% for the week, with purchase applications down 4%.

What it costs a Pasco buyer

On a $380,000 purchase with 10% down, the move from 6.34% to 7.28% adds roughly $210 a month in principal and interest.

That’s the difference between a buyer who qualifies and one who doesn’t. Sellers pricing off last spring’s sales will feel it in showings before they see it in offers.

Pasco by the numbers (August)

• Single-family closed sales: 800, up 0.4% from a year ago
• Single-family median price: $383,745, down 0.1%
• Active single-family listings: 3,307, down 2.2%
• Months of supply: 4.3
• Median time to sale: 86 days, up from 80 a year ago
• Condos and townhouses: 177 sales (down 5.9%), 6.4 months of supply, 115 median days to sale

Prices are holding. The market is moving slower, and condos are the softest part of it.

Source: Pinellas REALTOR Organization / Florida Realtors, Pasco August 2026.

Also worth knowing in Florida

Amendment 3 on the November 3 ballot would exempt the first $150,000 of homestead assessed value from non-school property taxes in 2027, rising to $250,000 in 2028. It needs 60% to pass.

Homeowners insurance keeps moving the right direction. The Office of Insurance Regulation approved more rate decreases, and the commissioner said he expects more cuts going into 2027. If you haven’t shopped your policy this year, it may be worth a call to your agent.

Closer to home, Pasco County Utilities’ average residential water and sewer bill went from $91.99 to $96.32 a month on October 1.

What it means for you

If you’re selling, price to today’s buyer, not last spring’s comps, and expect more days on market, especially with a condo.

If you’re buying, you have more room to negotiate than a year ago. Ask about seller-paid rate buydowns and builder incentives.

The August numbers were set when rates were in the mid-6s. September and October closings will show what 7% does.

Nobody can tell you where rates go next. I can tell you what they mean for your home, your payment, and your plans. Call or text me at 727-409-4663. No pressure. Straight answers.

Compiled from Freddie Mac, the Federal Reserve, MBA, Florida Realtors, the Pinellas REALTOR Organization and local news sources believed to be reliable but not guaranteed. General information, not legal, tax or financial advice.

Randal Jenkins
Broker-Owner, Florida Real Estate Partners
Loan Officer, American Mortgage Services, NMLS #2053417
727-409-4663 (409-HOME)