Mortgage rates jump to 6.95%, the biggest weekly rise in more than a year

Mortgage rates moved sharply higher this week. The average rate on a 30-year fixed mortgage rose to 6.95% for the week of September 17, up from 6.76% a week earlier, according to Freddie Mac's Primary Mortgage Market Survey. The average 15-year fixed rate rose to 6.26% from 6.09%.

A steady climb since August

The 0.19-point jump in the latest week is larger than the previous four weeks of increases combined.

Why rates rose

Mortgage rates don't follow the Fed directly. They track longer-term borrowing costs, especially the 10-year Treasury yield, which ended the week at 5.01% according to Treasury data. Both moved in the same direction as the Federal Reserve, which raised its benchmark rate to 3.75%-4% on September 16 and signaled one more increase this year because inflation remains elevated.

What it means for buyers and owners

• Buyers: higher rates raise monthly payments for the same loan amount. If you're shopping, compare offers from several lenders; quotes on the same day can vary.
• Rate locks: if you're under contract, ask your lender about locking your rate and how long the lock lasts.
• Refinancing: with rates rising, fewer owners will benefit from refinancing a fixed-rate loan in the near term.
• Adjustable-rate borrowers: check when your rate resets and what index it follows.

Sources: Freddie Mac Primary Mortgage Market Survey; U.S. Department of the Treasury daily par yield curve rates; Federal Reserve FOMC statement, September 16, 2026.