Today’s Mortgage Rates Over 7% as Inflation Roars On: Sept. 11, 2026

Today’s average interest rate on a 30-year purchase mortgage is 7.104%, which is higher than yesterday’s reading of 7.002%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 7.187%, and the current 15-year rate is 6.226%.

The sudden jump in mortgage rates has to do with news in the underlying bond market that moves mortgage rates. The U.S. Department of the Treasury is planning a buyback program aimed at bringing down yields and consumer borrowing rates – but markets were expecting a larger buyback amount than was announced this week, which sent yields and rates higher.

More broadly, 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 is putting upward pressure on oil prices, which can make other items more expensive to manufacture and transport. This week, crude oil reached $100 a barrel for the first time since July amid escalating tensions in the war. Higher oil prices mean higher inflation – and higher inflation means higher interest rates.

The August 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 odds for a Federal Reserve rate hike at the September meeting rose to 86% as the report was released, according to the CME Group FedWatch Tool.

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.

The Fed doesn’t directly set mortgage rates but does set monetary policy that influences rate trends. Beyond the central bank’s upcoming decision, the housing market is likely to face headwinds for the rest of the summer given the current economic conditions.

“Right now, regardless of how the Fed parses this potentially pivotal CPI read, all three consumer signals are pointing in the wrong direction: August gas prices are part of why headline inflation remains so high and well above core; elevated prices hurt household savings; and mortgage rates again hit 2026 highs yesterday – a trend that looks poised to continue.”

– Jake Krimmel, senior economist at the real estate listings marketplace Realtor.com

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 and send rates tumbling lower, it’s unlikely 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.