Today’s Mortgage Rates Pull Back After Rapid Gains This Week: Sept. 4, 2026

Today’s average interest rate on a 30-year purchase mortgage is 6.911%, which is lower than yesterday’s reading of 6.947%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 6.985%, and the current 15-year rate is 6.043%.

Interest rates on home loans have risen since the beginning of the U.S. war in Iran in late February. Whenever the war shows signs of resurgence, mortgage rates tend to inch higher alongside 10-year U.S. Treasury notes, their key benchmark. When the conflict comes closer to a resolution – or at least, when the conflict seems like it’s coming closer to a resolution – mortgage rates and bond yields decline.

The bond market that moves mortgage rates is particularly price-sensitive. The Middle East conflict put upward pressure on oil prices, which can make other items more expensive to manufacture and transport. Put simply, higher oil prices mean higher inflation – and higher inflation means higher interest rates.

It’s not just the U.S. economy that’s feeling the pressure. Global bond yields have risen sharply in recent days as investors worry about government borrowing and persistent inflation.

July’s consumer price index report showed inflation running at a pace of 3.4% annually, mostly kept elevated by high energy costs as the war in Iran drives up the cost of oil. The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures price index, was also up in July at a rate of 3.7% annually.

Inflation has been a target of Fed policymakers, who held rates steady as widely expected at the central bank’s July meeting. However, three policymakers voted for a quarter-point rate hike, compared with June’s unanimous vote to leave rates unchanged. With inflation above the Fed’s 2% target, it’s likely that the central bank will raise rates in the coming months.

In fact, bond yields and mortgage rates rose after Fed Chair Kevin Warsh delivered a hawkish keynote address at the Fed’s annual economic policy symposium in Jackson Hole on Aug. 28.

“There is one signal nobody can miss: The responsibility for 65 months of sustained, elevated inflation sits squarely with the central bank. … We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,” Warsh said.

The Fed, which doesn’t directly set mortgage rates but does set monetary policy that influences rate trends, has a dual mandate of price stability and maximum employment. July’s jobs report shed light on the latter half of that mandate when it showed much fewer jobs were created for the month than expected. That could take some pressure off the Fed to raise rates, along with July’s CPI report, which showed a slower pace of monthly inflation despite stubbornly high yearly price gains.

“Importantly, regardless of Fed action, mortgage rates are unlikely to fall meaningfully until inflation cools and long-term yields move decisively lower.”

– Selma Hepp, chief economist for the real estate analytics provider Cotality

Most experts expect mortgage rates to stay relatively elevated over the next few years, stuck above 6% for the 30-year fixed term. Although there’s always a chance that something unexpected could happen in the U.S. economy that could send rates tumbling lower, it’s unlikely that rates will fall below 3% or even 4% in the foreseeable future.

Here are today’s interest rates for conforming purchase mortgages by loan term:

And here are the current government-backed and nonconforming mortgage rates by loan type:

Here are today’s mortgage refinance rates:

Mortgage refinance rates tend to follow the same trends as mortgage purchase rates, although interest rates on a mortgage refinance are often a few basis points higher than on purchase mortgages.

Freddie Mac collects weekly mortgage rate data, which can help provide context for mortgage borrowers on how and why mortgage rates change over time. Since the mortgage giant began collecting data in 1971, the median mortgage rate is 7.23%.

The 30-year fixed rate fell to a historic low of 2.65% in January 2021, driving up demand for purchase and refinance mortgages. Since then, mortgage rates rose to nearly 8% in October 2023 before coming down to around 6.5% currently. Still, that’s nothing compared with the record high of 18.63% recorded in 1981.

You can use the interactive mortgage rates graph below to see how 30-year fixed interest rates have changed so far in 2026, per Freddie Mac data.

Your mortgage interest rate is just one aspect of your monthly housing payment. You’ll need to carefully consider how your home’s purchase price will impact your budget so you don’t buy more house than you can comfortably afford.

The mortgage term – or the length of your loan – will also significantly influence your monthly payments. Most borrowers opt for a 30-year fixed mortgage, which can keep monthly payments affordable because they are spread over a long repayment term. But if you can afford the higher monthly payments of a 15-year mortgage, it can save you tens of thousands of dollars in interest payments over time.

You’ll also need to consider property taxes, home insurance, homeowners association fees and private mortgage insurance, if applicable. You can use the calculator below to run the numbers for your financial situation.

The mortgage rates we display on this page are national averages from lenders as provided to U.S. News by Zillow, not necessarily the exact rate you’ll receive. Mortgage rates fluctuate throughout the day, and some lenders may be able to offer more favorable pricing for your situation than others.

“As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands,” says Sam Khater, chief economist at Freddie Mac, in a statement.

Here are a few tips to help you shop for the lowest mortgage rate possible for your financial situation:

Check out this sample loan estimate from the Consumer Financial Protection Bureau to get a better idea of what to expect when comparing loan offers.