30-Year Mortgage Rates Climb to 7.03%, Highest in Over a Year
Event summary
- 30-year fixed-rate mortgage (FRM) averaged 7.03% as of September 24, 2026, up from 6.95% last week and 6.30% a year ago.
- 15-year FRM averaged 6.42%, up from 6.26% last week and 5.49% a year ago.
- Freddie Mac attributes stability to a solid labor market and healthy economic growth.
- PMMS® survey focuses on conventional, conforming, fully amortizing home purchase loans with 20% down and excellent credit.
The big picture
The rise in mortgage rates to 7.03% marks the highest level in over a year, reflecting broader economic conditions. Freddie Mac's Chief Economist Sam Khater points to a solid labor market and healthy economic growth as supporting factors. This trend could influence homebuyer behavior and the overall stability of the housing market, particularly as rates continue to climb from both weekly and yearly perspectives.
What we're watching
- Economic Stability
- How sustained economic growth will affect mortgage rate trends and housing affordability.
- Housing Demand
- Whether higher mortgage rates will dampen homebuyer demand despite a strong labor market.
- Market Liquidity
- The pace at which rising rates impact Freddie Mac's mission to promote liquidity in the housing market.
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