Rates last updated: September 17, 2026, using the Freddie Mac Primary Mortgage Market Survey. This page is updated weekly. It covers US mortgage rates and is educational content, not financial advice.
Mortgage rates move every week, and even a small change can add or remove hundreds of dollars from your monthly budget. On this page you will find the latest national average rates, how they have changed recently, what they mean for your payment, and practical ways to get a rate below the average. Whether you are buying your first home, moving up or thinking about refinancing, this page gives you a clear benchmark before you start talking to lenders.
Today’s Average Mortgage Rates
The figures below come from Freddie Mac’s Primary Mortgage Market Survey (PMMS), a weekly national average published every Thursday. They are widely used as a benchmark for US mortgage rates.
| Loan type | This week (Sept 17, 2026) | Last week (Sept 10, 2026) | One year ago (Sept 2025) |
|---|---|---|---|
| 30 year fixed | 6.95% | 6.76% | 6.26% |
| 15 year fixed | 6.26% | 6.09% | 5.41% |
Rates rose this week for both 30 year and 15 year loans. The 30 year average climbed 19 basis points (0.19 percentage points) in a single week, and both averages are higher than a year ago.
These are national averages for borrowers with strong credit and a 20% down payment. The rate you are offered may be higher or lower.
Recent Rate Trend
Here is how the 30 year and 15 year averages have moved over the last few weeks:
| Week | 30 year fixed | 15 year fixed |
|---|---|---|
| August 27, 2026 | 6.66% | 5.98% |
| September 3, 2026 | 6.71% | 6.04% |
| September 10, 2026 | 6.76% | 6.09% |
| September 17, 2026 | 6.95% | 6.26% |
Rates have risen for four weeks in a row, with the biggest move in the most recent week. Freddie Mac’s chief economist noted that the 30 year rate continues to fluctuate as markets assess new economic data.
What Today’s Rates Mean for Your Payment
Rates are easier to understand when you turn them into dollars. Here is the monthly principal and interest payment on a $300,000 loan at this week’s averages:
| Loan | Rate | Monthly payment | Total interest over the loan |
|---|---|---|---|
| 30 year fixed | 6.95% | $1,986 | about $414,900 |
| 15 year fixed | 6.26% | $2,574 | about $163,300 |
A 15 year loan costs about $588 more each month, but saves more than $250,000 in interest over the life of the loan.
The recent rise also shows how quickly costs can change. On a $300,000, 30 year loan, the move from 6.76% to 6.95% in one week adds about $38 a month, or roughly $13,700 over 30 years.
Payments exclude property taxes, homeowners insurance and mortgage insurance.
How Today’s Rates Compare With Recent History
It helps to look at today’s rates in a longer context. In January 2021, the 30 year fixed average fell to a record low of about 2.65%, as the economy reacted to the pandemic. As inflation surged, rates climbed quickly through 2022, and in October 2023 the average peaked at about 7.79%, the highest level in more than two decades.
Today’s average of 6.95% sits between those two extremes. It is well above the unusually low rates of 2020 and 2021, but also below the 2023 peak. Over the long run, since Freddie Mac began its survey in 1971, the 30 year rate has averaged around 7.7%, which is higher than many recent buyers realize. The ultra low rates of a few years ago were the exception, not the rule.
30 Year vs 15 Year: Which Rate Makes Sense?
The 15 year rate is usually lower than the 30 year rate, but that does not automatically make it the better choice.
A 30 year fixed loan gives you the lowest monthly payment and the most flexibility. You can always pay extra toward the principal when your budget allows, which shortens the loan without committing you to a higher required payment.
A 15 year fixed loan comes with a lower rate and saves a large amount of interest, but the required monthly payment is much higher. In this week’s example, the difference is almost $600 a month on a $300,000 loan.
A good rule is to choose the 15 year loan only if the higher payment still leaves plenty of room for savings, emergencies and other goals. If money is tight, a 30 year loan with voluntary overpayments can give you some of the same benefits with less risk.
Rates by Loan Type
Freddie Mac’s survey focuses on conventional fixed rate loans. Other loan types are priced differently:
- FHA loans. Rates are often similar to or slightly below conventional rates, but FHA loans also carry mortgage insurance premiums, which raise the total cost.
- VA loans. Rates are frequently among the lowest available, and there is no monthly mortgage insurance, though most borrowers pay a one time funding fee.
- Jumbo loans. These are loans above the conforming limit, which is $832,750 for a one unit home in most of the US in 2026. Jumbo rates can be higher or lower than conforming rates depending on the lender and market.
- Adjustable rate mortgages (ARMs). A 5/1 or 7/1 ARM often starts with a lower rate than a 30 year fixed, but the rate can rise after the initial fixed period. Our guide on fixed vs variable rate mortgages explains the trade off.
- Refinance rates. These are usually close to purchase rates, although cash out refinances often cost a little more.
Why Your Rate May Be Different From the Average
The national average is a useful benchmark, but lenders set your personal rate based on your risk profile. The main factors are:
- Credit score. Borrowers with higher scores usually get lower rates. Our guide on what credit score you need to buy a house shows how much this can matter.
- Down payment. A larger down payment lowers the lender’s risk and can improve your rate.
- Loan type and term. 15 year loans generally have lower rates than 30 year loans.
- Loan amount. Very small or very large loans can be priced differently.
- Property type and use. Rates are typically higher for investment properties and some condos than for a primary residence.
- Discount points. Paying points upfront can buy your rate down.
- Location and lender. Pricing varies between lenders and sometimes between states.
What Moves Mortgage Rates?
Mortgage rates are not set directly by the Federal Reserve, but they respond to many of the same forces:
- Inflation. Higher inflation tends to push rates up, because lenders and investors want a return that keeps pace with rising prices.
- The 10 year Treasury yield. Mortgage rates often move in the same direction as this benchmark bond yield.
- Federal Reserve policy. Changes to the federal funds rate and the Fed’s outlook influence investor expectations and borrowing costs.
- Economic data. Strong jobs and growth reports can push rates up, while signs of a slowing economy can push them down.
- Demand for mortgage bonds. Most mortgages are packaged into securities, and investor appetite for them affects pricing.
Because these factors shift constantly, no one can reliably predict where rates will be in a few months. Instead of waiting for the perfect moment, focus on getting the best rate available when you are ready to buy.
How to Get a Better Rate Than the Average
You cannot control the market, but you can control several factors that affect your rate.
1. Compare at least three lenders
Rates for the same borrower can differ from lender to lender on the same day. Request Loan Estimates from several lenders and compare them carefully. Our list of the best mortgage lenders in the US is a good place to start.
2. Improve your credit before applying
Paying down credit card balances, fixing errors on your credit report and avoiding new credit can raise your score and unlock better pricing.
3. Increase your down payment if you can
Reaching 20% on a conventional loan removes private mortgage insurance and may qualify you for a lower rate.
4. Consider buying points
One discount point usually costs 1% of the loan amount and lowers your rate by a set amount. It only pays off if you keep the loan long enough to recover the upfront cost.
5. Lock your rate at the right time
Once you have an accepted offer, ask your lender about a rate lock, which protects you from increases for a set period, often 30 to 60 days. Some lenders offer a “float down” option that lets you benefit if rates fall before closing.
Should You Wait for Rates to Drop?
Many buyers wonder whether to buy now or wait. Consider these points:
- Rates are unpredictable. They can fall, but they can also rise further, as the last few weeks have shown.
- Home prices matter too. Waiting for lower rates may mean competing with more buyers and paying a higher price.
- You can refinance later. If rates fall significantly after you buy, refinancing may lower your payment. Our guide on whether you should refinance your mortgage explains how to run the numbers.
- Affordability comes first. Buy when the monthly payment fits your budget at today’s rate, not a future rate you hope to get.
Mortgage Rate Terms to Know
- Basis point. One hundredth of a percentage point. A move from 6.76% to 6.95% is a rise of 19 basis points.
- APR. The annual percentage rate, which includes the interest rate plus certain fees. Use it to compare offers.
- Discount points. Upfront fees paid to lower your interest rate. One point equals 1% of the loan amount.
- Rate lock. A lender’s promise to hold a rate for a set period while your loan is processed.
- Float down. An option that lets you take a lower rate if market rates fall during your lock period, usually for a fee.
- Conforming loan. A conventional loan within the limits set for Fannie Mae and Freddie Mac.
How We Report Rates
The rates on this page come from Freddie Mac’s weekly Primary Mortgage Market Survey, which averages rates offered to borrowers with strong credit and a 20% down payment on conventional, conforming, fully amortizing home purchase loans. We update this page after each weekly release. We do not accept payment to display rates, and the averages shown here are not offers of credit.
Frequently Asked Questions
What is a good mortgage rate right now?
A good rate is one at or below the national average for your loan type and credit profile. This week, the 30 year fixed average is 6.95% and the 15 year fixed average is 6.26%. Borrowers with excellent credit and larger down payments may be offered lower rates.
How often do mortgage rates change?
Lenders can change their rates daily, and sometimes several times in one day. National averages such as Freddie Mac’s survey are published weekly.
Are mortgage rates the same in every state?
No. Rates can vary slightly by state and lender because of local competition, costs and regulations. National averages give a useful benchmark.
What is the difference between the interest rate and the APR?
The interest rate is the cost of borrowing the loan amount. The APR includes the interest rate plus certain fees and costs, so it better reflects the total cost of the loan.
Does the Federal Reserve set mortgage rates?
No. The Fed sets the federal funds rate, which is a short term rate for banks. Mortgage rates are set by lenders and are more closely linked to longer term bond yields. Fed decisions still influence mortgage rates indirectly through their effect on inflation expectations and markets.
Do first time buyers get different rates?
Not usually because of first time buyer status alone. However, first time buyers may qualify for special programs, down payment assistance or loan types such as FHA loans, which can change the overall cost of borrowing.
Will mortgage rates go down in 2026?
No one can say for sure. Rates depend on inflation, economic data, central bank policy and bond markets. Be cautious of any source that claims to know exactly where rates are heading.
The Bottom Line
As of September 17, 2026, the average 30 year fixed mortgage rate is 6.95% and the average 15 year fixed rate is 6.26%, both up from the previous week and from a year ago. These averages are a helpful benchmark, but your own rate depends on your credit, down payment, loan type and lender.
The best way to get a strong rate is to prepare your finances, compare several lenders and lock your rate once you are ready. Check back weekly for updated averages, and speak with a licensed mortgage professional for a personalized quote.
Disclaimer: This article is for general educational purposes only and does not constitute financial advice. Average rates are sourced from the Freddie Mac Primary Mortgage Market Survey and are not offers of credit. Your actual rate will depend on your financial situation, the lender and market conditions at the time you apply.