As of Sunday, September 27, 2026, the latest Freddie Mac weekly survey reports a 7.03% average for a 30-year fixed mortgage and 6.42% for a 15-year fixed mortgage. Those figures were published Thursday, September 24; they are national benchmarks, not live quotes or a promise of the rate you will receive. To find the best current offer for your purchase or refinance, compare written Loan Estimates for the same loan, then weigh the rate against points, lender fees, monthly payment, and cash due at closing.
What does “mortgage rates today” mean on September 27?
Mortgage rates can change during the week, but Freddie Mac’s Primary Mortgage Market Survey is published weekly, not as a Sunday quote board. Its latest figures are for the week ending September 24, 2026. The 30-year fixed average rose from 6.95% the previous week to 7.03%; the 15-year fixed average rose from 6.26% to 6.42%. Freddie Mac describes the survey as an average based on mortgage applications from lenders across the country. Its standard series is a useful market reference, but it does not show the exact rate, points, or fees available to a particular borrower.
Use the number to frame a conversation, not to judge a lender by itself. Your offer may differ because of credit history, down payment and loan-to-value ratio, loan size, property type, occupancy, loan program, location, discount points, and whether the rate is locked. Ask each lender to quote the same scenario. If you are comparing a conventional conforming loan with an FHA, VA, USDA, or jumbo loan, you are comparing different products and costs.
Freddie Mac’s current mortgage-rate page explains its survey and posts the weekly averages. Treat a rate displayed by a lender or broker as a quote only after confirming its assumptions and expiration date.
Which numbers should you compare on a Loan Estimate?
Request a written Loan Estimate from more than one lender for the same loan amount, term, loan type, down payment, occupancy, and lock period. Under federal rules, once a lender has the six key pieces of application information, it generally must deliver a Loan Estimate within three business days. The CFPB’s Loan Estimate review guide explains what to check.
Line up the estimates side by side and compare these items:
- Interest rate and rate type: Confirm that both offers are fixed-rate or both are adjustable-rate, and that the term is the same.
- Principal-and-interest payment: This is the part of the payment driven by the loan balance, interest rate, and term.
- APR: The annual percentage rate includes the interest rate plus certain loan charges, so it can help reveal the cost of points and fees. It is a useful cross-check, but it does not replace comparing the fees and the time you expect to keep the loan.
- Points and lender credits: Discount points are upfront charges that can reduce a rate. A lender credit reduces upfront costs but may come with a higher rate. Compare the dollar amount and the tradeoff.
- Origination charges and lender-controlled fees: Ask what is included, and whether a fee is optional or tied to a service you can shop for.
- Estimated cash to close: This includes closing costs and prepaid or escrow amounts, less credits and deposits. It is not the same as the loan’s long-run cost.
The CFPB recommends comparing the “In 5 years” figure in the Loan Estimate’s comparison section. It shows the amount paid in principal, interest, mortgage insurance, and loan costs over five years; the nearby principal-paid figure lets you distinguish money spent from equity built. Read the CFPB guide to comparing and negotiating offers for the calculation and negotiation tips.
How much can a small rate difference change a payment?
Here is an illustration, not a lender quote: on a $400,000, 30-year fixed mortgage, principal and interest are about $2,594 a month at 6.75% and about $2,528 at 6.50%. That is a difference of roughly $66 per month. These estimates use standard monthly amortization and exclude property taxes, homeowners insurance, mortgage insurance, HOA dues, and closing costs.
Suppose the 6.50% offer requires one discount point. One point is typically 1% of the loan amount, or $4,000 on this example. Dividing $4,000 by the approximately $66 monthly savings gives a simple break-even time of about 61 months. If you expect to sell or refinance sooner, paying that point may not pay back through the lower payment. The true comparison should also use each Loan Estimate’s total costs, any other rate-related fees, and the time you realistically expect to keep the loan. The CFPB explanation of points and lender credits describes this upfront-cost versus rate tradeoff.
Is the lowest advertised rate automatically the best offer?
No. A headline rate may assume excellent credit, a particular down payment, owner occupancy, a specific loan size, and points paid at closing. Ask the lender to state the assumptions in writing. A lower rate can cost more upfront; a no-points offer can have a higher rate but preserve cash. The better choice depends on both your planned time in the home and how much cash you can comfortably bring to closing.
Also separate mortgage costs from the full monthly housing budget. Property taxes and homeowners insurance often appear in the estimated total payment, but they are not interest charged by the lender and may change over time. Mortgage insurance may apply with some low-down-payment conventional loans and FHA loans. Include these costs when deciding whether the home is affordable, while comparing lender-controlled loan costs separately.
Should you compare an adjustable-rate mortgage with a fixed rate?
Only after you understand that they expose you to different risks. A fixed-rate mortgage generally keeps the principal-and-interest amount stable for the life of the loan. An adjustable-rate mortgage (ARM) may begin with a lower rate, but after its initial fixed period the rate—and potentially the payment—can change. If an ARM is in the running, ask how long the initial rate lasts, when it can first adjust, which index and margin determine later rates, and what periodic and lifetime caps apply. Do not compare an ARM’s introductory rate with a 30-year fixed quote as though they were equivalent.
For either product, confirm the loan term, whether mortgage insurance applies, and whether there is a prepayment penalty or balloon payment. The CFPB’s Loan Estimate explainer identifies these terms and explains the estimate’s payment and cost sections.
Is your rate locked, and when does the lock expire?
A quoted rate may be floating rather than locked. Ask whether the rate and points are locked, the lock’s expiration date, whether there is a fee, and what happens if closing is delayed. A lock normally protects the agreed terms only within its stated time window and while the application remains materially unchanged. Ask whether an extension costs extra and whether the lender offers a “float-down” option if rates fall; do not assume either feature is included. The CFPB’s rate-lock overview explains the basic conditions.
What should you do before choosing an offer?
- Ask at least two or three lenders for Loan Estimates on the same day, using identical loan details.
- Check that the loan amount, term, product, down payment, property use, and rate-lock status match.
- Compare the interest rate, APR, points, lender credits, origination charges, estimated payment, and cash to close.
- Use the five-year cost figures and a break-even calculation if one offer charges points for a lower rate.
- Ask each lender to explain any large fee difference and whether they can match a competing written offer.
- Confirm the lock period, expiration date, extension cost, and required closing timeline before committing.
Before you decide, read the estimates once more and make sure the lower payment is not the result of a different loan, a shorter lock, or an upfront point you had not included. If a number changes between the estimate and closing, ask the lender to explain the reason and provide the updated disclosure. The useful answer to “What are mortgage rates today?” is the latest market benchmark plus a set of comparable, written offers for your own situation.
