<\/p>\n
If you’ve been hoping to buy a home in 2026, you’ve probably been watching mortgage rates increase recently.<\/p>\n
The average 30-year fixed mortgage rate reached 6.71% on Sept. 3, according to Freddie Mac — the first time since July 25 that the rate topped 6.7%.<\/p>\n
Mortgage News Daily (MND), another trustworthy source for tracking national mortgage rates, put the 30-year fixed mortgage rate at 6.89% on Friday, Sept. 4. As of Tuesday, Sept. 8, the rate hadn’t budged. MND’s rates tend to be a little higher than Freddie Mac’s because MND includes standard up-front costs, such as discount points and lender fees, in its data collection.<\/p>\n
Less than a week earlier, on Sept. 2, the MND rate hit 6.91%, its highest point since June 2025.<\/p>\n
Many had hoped mortgage rates would fall and hold at below 6% in 2026. Instead, the question has become whether rates will climb to 7%.<\/p>\n
The answer: It depends. A 7% national average and a 7% individual mortgage rate are two different things.<\/p>\n
Average mortgage rates should stay under 7%<\/p>\n
Corey Burr, senior vice president at TTR Sotheby’s International Realty, told TheStreet he would be surprised if the national average mortgage rate hit 7% in the near future.<\/p>\n
Why? Because some of the factors that could push mortgage rates that high have already been reflected in the market.<\/p>\n
“With the robust jobs number from [Friday, Sept. 4] along with oil’s being over $90 per barrel and the economy bursting ahead, it seems as if the FOMC will hike rates by 0.25% this month,” Burr said.<\/p>\n
More Mortgage Rates:<\/p>\n
Experts predict mortgage rate, housing market shift<\/p>\n
Zillow finds a bigger problem than high mortgage rates<\/p>\n
Fannie Mae predicts where home prices are headed next<\/p>\n
At the time of writing, the CME FedWatch tool estimates a 60.4% chance that the Federal Reserve will increase the federal funds rate at its meeting on Sept. 15-16.<\/p>\n
That expectation is likely one reason that mortgage rates have been climbing.<\/p>\n
Mortgage rates typically rise two or three weeks before a Fed rate hike, not after. Mortgage rates are mainly driven by longer-term bond yields and market expectations, rather than directly tracking the federal funds rate.<\/p>\n
So, a mortgage rate increase to 7% is unlikely — but not impossible.<\/p>\n
However, mortgage rates could also tick down after the September Fed meeting.<\/p>\n
“If the market prices in the [federal funds rate hike] ahead of time and the Fed presents it as a measured step to bring inflation back to 2%, investors could view it as positive for longer-term bonds,” loanDepot Chief Investment Officer and Head Economist Jeff DerGurahian said in a statement shared with TheStreet.<\/p>\n
“And if that message lands, longer-term Treasury yields could hold steady or move lower, allowing 30-year mortgage rates to do the same,” DerGurahian continued. “It’s essentially the Fed tapping the brakes now to keep inflation from gaining speed later.”<\/p>\n
Mortgage rates may increase before the Fed meeting, but they probably won’t hit 7%.<\/p>\n
Dragon Claws \/ Getty Images<\/p>\n
Individual mortgage rates could easily surpass 7%<\/p>\n
The national average 30-year mortgage rate may not reach 7% in 2026. But remember, that’s just the average. Individual homebuyers’ rates rely on various factors, including where you live and your financial profile.<\/p>\n
“Bottom line, while the daily index rose into the 6.9’s today for the first time in more than [one] year, many borrowers are already seeing rates at 7% or higher,” Chief Operating Officer Matthew Graham wrote for MND on Sept. 2.<\/p>\n
For example, if you have a high credit score and plenty of cash reserves, your mortgage rate might stay in the 6% range.<\/p>\n
But if you live in a competitive housing market, have a poor credit score, and have little in your bank account, the lender may charge you a 7% mortgage rate or higher.<\/p>\n
If you want to lock in a lower mortgage rate, work on factors such as boosting your credit score and paying down debt to make your application more appealing to lenders. You should also speak with a mortgage loan officer to discuss your options for getting a better rate.<\/p>\n
Related: 3 tips for getting the lowest mortgage rate in today’s market<\/p>\n
#Experts #predict #mortgage #rates #reach<\/p>\n","protected":false},"excerpt":{"rendered":"
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