30-Year Mortgage Rate Hits 13-Month High at 6.71%

The average rate on a 30-year fixed mortgage has climbed to 6.71 percent, its highest level in more than a year, according to data released by Freddie Mac. This marks a significant increase from 6.66 percent the previous week and is the highest rate recorded since July 2025. The average rate for a 15-year fixed mortgage also rose, reaching 6.04 percent for the week ending September 3, 2026, up from 5.98 percent a week earlier. These elevated borrowing costs are contributing to ongoing affordability challenges for homebuyers, particularly as they coincide with persistently high home prices. The rise in mortgage rates is closely linked to elevated U.S. Treasury yields, which have been influenced by a combination of factors including inflation concerns, geopolitical tensions, and expectations surrounding Federal Reserve policy. The 10-year U.S. Treasury yield, a key benchmark for mortgage rates, has remained high, hovering near 4.76 percent in early September. This trend follows a broader increase from below 4 percent late last year.