Mortgage rates in the United States continue to hover above 7% following the Federal Reserve’s latest interest rate hike, impacting borrowing costs for potential homebuyers. As of September 17, 2026, the average 30-year fixed mortgage rate was 7.37%, a substantial increase from 5.75% in March, while the 15-year mortgage rate stood at 6.62%.
The Federal Reserve recently raised its target interest-rate range to 3.75%–4% in response to persistent inflation that remains above its 2% target. However, mortgage rates are not directly tied to the Fed’s policy rate. They are also influenced by broader financial markets, inflation expectations, and investor demand, meaning changes in the Fed’s rate do not automatically lead to equivalent shifts in mortgage rates.
Homebuyers may still find opportunities to secure mortgage rates below the national average, depending on factors such as credit score, down payment, lender, and specific loan terms. Some borrowers might opt to pay mortgage points upfront to lower their interest rate, though this increases closing costs. Alternatively, adjustable-rate mortgages could offer initial savings, although their rates are subject to change after the initial period.
Refinancing options have also become less appealing due to the rising rates. The average 30-year refinance rate was 7.41%, and the 15-year refinance rate was 6.75% as of the same date. Homeowners with existing mortgages at lower rates may find the costs of refinancing outweigh potential savings.
Future movements in mortgage rates will largely depend on ongoing inflation trends, economic conditions, and financial market dynamics, as well as expectations about further Federal Reserve policy actions. While rates could potentially change, there is no assurance that waiting will lead to lower borrowing costs for consumers.