Global Navigation Satellite Systems (GNSSs) have undergone notable advancement in the last few decades, leading to the availability of a dataset with capabilities well beyond its original intended purpose. The proliferation of high‐rate (1 Hz or greater) GNSS receivers in areas of seismological interest now allows for routine consideration of dynamic earthquake ground motions, with centimeter‐level displacement accuracy via precise point positioning methods. Real‐time (RT) GNSS observations, from stations that are both telemetered and processed to displacement with minimal latency, have lower accuracy compared to post‐processed (PP) GNSS displacements due to imprecise knowledge of atmospheric conditions, satellite clocks, and satellite orbits in RT. Whether the quality of RT high‐rate GNSS is sufficient for use in rapid response products remains to be thoroughly examined. Here, we highlight RT GNSS displacement time series processed during the 2019 MwMw 7.1 Ridgecrest, California, earthquake in the context of common rapid‐response products, magnitude estimation, and kinematic fault‐slip models. We discuss how these data can be used to supplement RT seismic data for rapid characterization of significant earthquakes. We find that kinematic fault‐slip models using RT GNSS data retain the general spatiotemporal characteristics of those with PP data, with subtle differences in size and amplitude of modeled slip asperities. We demonstrate the effect of these rapid seismic source models using RT GNSS data on the U.S. Geological Survey product ShakeMap—a downstream ground‐motion prediction algorithm informed by the rupture dimensions estimated in the slip model. Discrepancies in the ShakeMap estimate are minor, within ±12% change, with the most severe variation at the fault edges. Our analysis suggests that, when used in conjunction with available seismic data sources, RT GNSS is sufficient and valuable for rapid earthquake characterization.