Mortgage rates have moved sharply higher again.
Freddie Mac’s national weekly average for a 30-year fixed mortgage reached 6.76% on September 10, 2026, its highest level since June 2025. Some faster-moving daily rate trackers climbed even higher, with Mortgage News Daily reporting roughly 7.07%.
That is a big change from earlier this year.
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Updated for September 14 2026
Mortgage Rates Were Below 6% in February
At the end of February 2026, Freddie Mac reported an average 30-year fixed mortgage rate of 5.98%.
Fast-forward roughly six months and borrowers are now seeing rates close to—or depending on the lender and scenario, above—7%.
That difference hits the monthly payment quickly.
Take a $400,000, 30-year mortgage as a simple example:
At 5.98%, principal and interest would be approximately $2,393 per month.
At 7.07%, principal and interest would be approximately $2,680 per month.
That is about $287 more every month, or roughly $3,400 more per year, before property taxes, homeowners insurance, HOA dues or mortgage insurance.
That is why even a one-percentage-point move in mortgage rates matters so much.
Why Did Mortgage Rates Increase?
The biggest issue right now is inflation.
Oil prices surged above $100 per barrel as conflict in the Middle East disrupted energy markets. Higher energy costs can work their way through transportation, manufacturing and consumer prices, creating concern that inflation may remain hotter for longer.
At the same time, Treasury yields have risen sharply.
Mortgage rates are heavily influenced by longer-term bond yields—especially the 10-year Treasury—not simply by whatever the Federal Reserve does with its overnight policy rate.
The 10-year Treasury recently moved close to 5%, helping push mortgage borrowing costs higher.
Is the Fed About to Raise Rates?
As of September 14, expectations have shifted significantly.
A Reuters poll published September 14 found that 85% of economists surveyed expected the Federal Reserve to raise its benchmark rate by 0.25 percentage point at its September 15–16 meeting after hotter inflation data and rising energy prices changed the outlook.
But this part is important:
The Fed does not directly set mortgage rates.
Mortgage rates can move before the Fed acts because financial markets price in what investors believe the Fed, inflation and the economy will do next.
So even if the Fed raises rates this week, mortgage rates do not automatically rise by exactly the same amount.
What Should Homebuyers Do Right Now?
If you’re being quoted something around 7%, don’t immediately assume your lender is ripping you off.
But also do not assume every lender, program and rate option will be identical.
Compare:
- Interest rate
- APR
- Discount points
- Lender credits
- FHA vs. conventional vs. VA financing
- Temporary or permanent rate buydowns
- Total cash needed at closing
Most importantly, make sure the payment works today.
Do not buy a house solely because somebody promises you can refinance later.
Use the mortgage calculator to run today’s payment and the affordability calculator to see what fits your budget.
If you already own a home and are waiting for rates to fall before refinancing, use the refinance calculator to determine where your break-even point would actually be.
And if you’re shopping now, complete Mortgage Match so we can compare the mortgage structures available for your situation.
Compliance Disclaimer
Mortgage rates discussed in this article are market averages and examples for educational purposes only and are not an offer or commitment to lend. Actual interest rates, APRs, points, lender credits and payments vary based on credit, loan program, occupancy, property type, loan amount, loan-to-value ratio and market conditions. Payment examples include principal and interest only unless otherwise stated and exclude taxes, insurance, HOA dues and mortgage insurance. Rates may change at any time and are not guaranteed until properly locked. Loan approval is subject to credit review, program guidelines and underwriting. Andes Mortgage LLC, NMLS #2187991. Marcos Zambrano, NMLS #988935. Equal Housing Opportunity.
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