📌 Key Takeaway: As of September 22, 2026, the average 30-year fixed purchase rate is 7.15% (7.22% APR) — up from 2026's low near 6.09% earlier in the year as the Fed held rates higher for longer than markets expected.
Today's Average Purchase Rates
| Loan Type | Rate | APR |
|---|---|---|
| 30-Year Fixed | 7.15% | 7.22% |
| 15-Year Fixed | 6.54% | 6.64% |
| FHA (30-yr) | 6.87% | 6.91% |
| VA (30-yr) | 6.86% | 6.92% |
| Jumbo (30-yr) | 7.30% | 7.33% |
What Moves Mortgage Rates
Mortgage rates track the 10-year Treasury yield more closely than the Fed's benchmark rate directly, though Fed policy influences both. Inflation data, jobs reports, and Treasury auction results can all move rates day to day.
Should You Wait for Rates to Drop?
Timing the market rarely works out — home prices and competition for available inventory often rise as rates fall, offsetting some of the savings. Buying when you're financially ready and refinancing later if rates drop is generally a more reliable strategy than waiting on rate predictions.
How to Lock In a Good Rate
- Improve your credit score before applying — even a 20-40 point improvement can meaningfully lower your rate tier.
- Consider paying discount points if you plan to stay in the home long enough to break even.
- Get quotes from at least 3 lenders on the same day since rates shift daily.
- Ask about a rate lock period that covers your expected closing date with some buffer.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.