Mortgage Rates Today, Monday, September 14: Over 7%
However, these factors do not influence our editors' opinions or ratings, which are based on independent research and analysis. Our partners cannot pay us to guarantee favorable reviews. Here is a list of our partners. TL;DR: Markets now expect the Fed to raise the funds rate on Wednesday, and that's pushing mortgage rates higher. Published Sep 14, 2026Fact CheckedHow is this page expert verified?NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible.More on our editorial rigorAddas a preferred source on Google NerdWallet is committed to editorial integrity.Helpful ResourcesMortgage Interest Rates ForecastMortgage Rate TrackerHow to Get the Best Mortgage RateHow Much House Can I Afford?Well, we've crossed into 7% territory. I'd try to say something reassuring about how this isn't actually that different from where we just were and the leftmost digit simply makes it feel momentous. But when you look at the comparison to the last business day, or a week ago … nah, this is a pretty big move.The average interest rate on a 30-year, fixed-rate mortgage jumped to 7.09% APR, according to rates provided to NerdWallet by Zillow. This is 11 basis points higher than Friday and 27 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.Mortgage rates have been on the rise for some time now, but this decisive bump is thanks to last week's inflation data. Those numbers have markets convinced the Federal Reserve is going to raise the federal funds rate at its meeting this week. The Fed doesn't set mortgage rates, but its influence extends to all corners of the economy, and mortgage interest rates are no exception. For more on how these pieces fit together, keep reading below the chart.Average mortgage rates, last 30 days» Take the next step: Compare mortgage rates from NerdWallet’s top lenders🤓 Kate on Rates: September 10, 2026 📈 What influences mortgage rates? Mortgage rates are constantly changing, since a major part of how rates are set depends on reactions to new inflation reports, job numbers, Fed meetings, global news ... you name it. For example, even tiny changes in the bond market can shift mortgage pricing.Mortgage rates moved abruptly higher mainly because markets now expect the Federal Open Market Committee to raise the target for the federal funds rate when its meeting concludes on Wednesday. There'd been some uncertainty over the past couple weeks as remarks from Fed Chair Kevin Warsh and different FOMC members shifted the odds. But last week's inflation data truly firmed up expectations for a rate hike. On Thursday, the Producer Price Index, which measures the costs of wholesale goods and services, came in pretty much as predicted. But the components driving those overall numbers pointed to potential trouble ahead, with rising costs for fuel and energy pushing other prices higher. The numbers in Friday's Consumer Price Index, measuring (you guessed it!) the prices you and I pay for goods and services, were almost precisely aligned with predictions. Except for one, the month-over-month core CPI. "Core" means everything but food and fuel, which are especially volatile. Removing those allows for a clearer look at how inflation's trending. Month-over-month core CPI was a tenth of a percentage point above predictions. Those 10 basis points were enough to decisively swing markets' assessments of this week's Fed meeting's outcome. Last week, the odds of a 25-basis-point rate hike were just under 60%. This morning, they're topping 88%, according to CME FedWatch. Warsh has made it extremely clear that he doesn't want the Fed's decisions to hang on any individual bit of data. But markets definitely seem to think Friday's CPI is the crucial piece of evidence that will firmly make the case for a quarter percentage point rate hike. The Fed doesn't set mortgage rates, but its changes to the federal funds rate essentially set the trend for borrowing costs. When it looks like the Federal Reserve is going to make a change, mortgage lenders tend to bake that into their rates. By the time the Fed's decision is actually announced, mortgage rates have already moved. Given how relatively last minute the consensus has developed around a rate hike, mortgage lenders are playing catch up. Even though mortgage rates have been rising since the Fed's July meeting, it had been pretty gradual before now. The one bit of good news is that if the Fed does indeed announce a rate hike on Wednesday, it probably won't push mortgage rates any higher. But of course, the bad news is that's because they're already higher.» Learn more: How the Fed affects mortgage ratesExplore mortgages today and get started on your homeownership goalsGet personalized rates. Your lender matches are just a few questions away.What's your zip code?Do you want to purchase or refinance?Select your optionPurchaseRefinanceWhat's your property type?Select your optionSingle family homeCondoTownhouseHow do you plan to use this property?Select your optionPrimary residenceSecondary homeInvestment propertyGET STARTEDWon't affect your credit score🔁 Should I refinance?Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs). With rates where they are right now, you could start considering a refi if your current rate is around 7.59% or higher.Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term or turn home equity into cash? For example, you might be more comfortable with paying a higher rate for a cash-out refinance than you would for a rate-and-term refinance, so long as the overall costs are lower than if you kept your original mortgage and added a HELOC or home equity loan. If you're looking for a lower rate, use NerdWallet's refinance calculator to estimate savings and understand how long it would take to break even on the costs of refinancing.» Time to refi? Compare refinance rates from NerdWallet’s top lenders🏡 Should I start shopping for a home?There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.If the answer is yes, don’t get too hung up on whether you could be missing out on lower rates later; you can refinance down the road. Focus on getting preapproved, comparing lender offers, and understanding what monthly payment works for your budget.NerdWallet’s affordability calculator can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Take this time to pay down existing debts and build your down payment savings. Not only will this free up more cash flow for a future mortgage payment, it can also get you a better interest rate when you’re ready to buy. » Is now a good time to buy? See NerdWallet’s analysis🔒 Should I lock my rate?If you already have a quote you’re happy with, you should consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down lets you take advantage of a better rate if the market drops during your lock period.Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.🤓 Nerdy Reminder: Rates can change daily, and even hourly. If you’re happy with the deal you have, it’s okay to commit.» Stay informed: Check out NerdWallet's mortgage news hub for all our latest coverage.🧐 Why is the rate I saw online different from the quote I got?The rate you see advertised is a sample rate — usually for a borrower with perfect credit, making a big down payment, and paying for mortgage points. That won't match every buyer's circumstances.In addition to market factors outside of your control, your customized quote depends on your:li>ol]:pl-4 [&>li>ul]:pl-4 [&>li]:mt-2">Credit scoreDebt-to-income ratioEmployment historyDown paymentType of mortgageLocation and property typeLoan amountEven two people with similar credit scores might get different rates, depending on their overall financial profiles.» Get the best rate for you: How to get the best mortgage rate👀 If I apply now, can I get the rate I saw today?Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.» Doing your research? Compare NerdWallet’s best mortgage lendersExplore more onHow to Move in 2026MortgagesAddas a preferred source on Google NerdWallet Compare, Inc. NMLS ID# 1617539NMLS Consumer Access |Licenses and Disclosures California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812 Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses California: California Finance Lender loans arranged pursuant to the Department of Financial Protection and Innovation Finance Lenders License #603L288 You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program. View Important Cash Account Disclosures. Neither Atomic Invest nor Atomic Brokerage, nor any of their affiliates is a bank. Investments in securities: Not FDIC Insured, Not Bank Guaranteed, May Lose Value. Investing involves risk, including the possible loss of principal. Before investing, consider your investment objectives and the fees and expenses charged. NerdWallet™ | 4150 N Drinkwater Blvd, Suite 200, Scottsdale, AZ 85251
Source: NerdWallet
This article has been carefully curated and reformatted for educational and informational purposes. Full credit goes to the original publisher.
📚 Visit more helpful articles on Joab Peters Blog
No comments