30-year fixed mortgage rate reaches 7.03 percent
The Hill · September 24, 2026Original source ↗
What happened
The benchmark 30-year fixed mortgage rate has increased to 7.03 percent this week, compared to 6.95 percent the previous week. This data comes from Freddie Mac.
Why it matters
Changes in mortgage rates can impact home buying affordability and the housing market.
How this story affects people
How does this story affect you if you are shopping for a mortgage?
This increase in the mortgage rate means higher monthly payments for new homebuyers, making it more difficult to afford a home. As borrowing costs rise, potential buyers may reconsider their purchasing plans or look for less expensive properties.
How does this story affect you if you are a current homeowner considering refinancing?
With the mortgage rate now above 7 percent, refinancing your existing mortgage could lead to higher interest costs compared to your current rate. This may discourage many homeowners from refinancing, impacting their ability to lower monthly payments or access home equity.
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