Quick answer: As of the week of September 24, 2026, the average 30 year fixed mortgage rate is about 7.03 percent and the 15 year fixed is about 6.42 percent, according to Freddie Mac. Rates climbed back above 7 percent this month after the Federal Reserve raised its own rate on September 16. Here is what is actually going on, why the Fed rate is not the same as your mortgage rate, and what it means whether you are buying or selling in Northeast Ohio. We refresh this page as the numbers move.
As of the week of September 24, 2026, here is where things stand, per Freddie Mac. The average 30 year fixed is about 7.03 percent. The average 15 year fixed is about 6.42 percent. That is up from the mid 6 percent range in August, a jump of roughly four tenths of a percent in about a month, and the fifth week in a row that rates rose. One thing to know: the Freddie Mac weekly survey tends to run a little lower than the live quote your lender gives you on any given day, so do not be surprised if a lender quotes you a bit higher.
This trips up almost everyone, so let us clear it up. The federal funds rate, the one you hear about on the news, is the overnight rate banks charge each other, and the Fed sets it directly. Your mortgage rate is a different animal. Thirty year mortgage rates follow the bond market, specifically the ten year Treasury yield, which moves on what investors expect for inflation and the economy. So the Fed can move its rate and mortgages can go the other way, because mortgages price in expectations, not just today's Fed decision.
On September 16, 2026, the Federal Reserve raised its rate by a quarter point to a range of 3.75 to 4.00 percent. That was its first increase since 2023, and the reason was stubborn inflation that has stayed above 3 percent this year. At the same time, the ten year Treasury yield climbed to around 5.2 percent on those same inflation worries, and that is what pulled mortgage rates back over 7 percent. The Fed has also signaled it could raise again before the end of the year, so the near term direction is higher or holding, not falling.
Higher rates mean a higher monthly payment for the same price, so your buying power shrinks a little. That part is real. But there is a flip side that does not get talked about enough. With rates up, a lot of buyers have stepped back, which means less competition and more room to negotiate than you have had in years. Nationally, sellers now outnumber buyers by the widest margin on record. Here in Northeast Ohio, where homes are far more affordable than most of the country, a motivated buyer who can qualify has real leverage right now. And remember, the rate is not forever. If rates drop later, you can refinance. Trying to time the exact bottom usually costs more than it saves. Run your real numbers with our affordability calculator, then let us talk.
If you are selling, higher rates do cool the buyer pool, so pricing right matters more than it did during the frenzy. Overpriced homes sit. But here is the quiet advantage for sellers. Those same high rates are keeping a lot of homeowners locked into their low rate and staying put, which keeps the number of homes for sale low. Low competition means a well priced, well presented home still stands out and sells. The winners in this market are sellers who price to today, not to last year. Not sure what today's number is for your home? Start with a free home value.
It is the question everyone asks. Here is the honest answer. No credible forecast has rates falling below 6 percent in 2026 or 2027. The industry forecasts that called for the mid 6 percent range were written before this recent jump, and the theme now is higher for longer. So waiting for some magic low rate could mean waiting years, while prices and rent keep moving. The better approach is to make your move when your life and your numbers are ready, not when a rate hits a number in your head. If it makes sense at today's rate, do it, and refinance if rates fall. If it does not make sense at today's rate, that is useful to know too.
What are mortgage rates right now? As of the week of September 24, 2026, the average 30 year fixed is about 7.03 percent and the 15 year fixed is about 6.42 percent, according to Freddie Mac. Daily lender quotes can run a little higher. We update this page each month.
Will mortgage rates go down in 2026 or 2027? No credible forecast has rates falling below 6 percent in that window, and the Federal Reserve has signaled it may raise again, so the near term expectation is higher for longer rather than a big drop.
Does the Federal Reserve set mortgage rates? No. The Fed sets the federal funds rate, which is what banks charge each other overnight. Mortgage rates follow the bond market and the ten year Treasury yield, which is why they can move differently from the Fed.
