Mortgage rates climbed to their highest weekly level in 13 months as the average 30-year fixed loan reached 6.71% on September 3. The increase raises financing costs for U.S. homebuyers at a time when more listings are reaching the market, pending sales remain subdued, and buyers are becoming increasingly selective.
Key Takeaways
- The average 30-year fixed mortgage rate rose to 6.71% for the week ending September 3, 2026, from 6.66% a week earlier.
- The 6.71% average is the highest since July 31, 2025, when the rate stood at 6.72%.
- The average 15-year fixed mortgage increased to 6.04%, compared with 5.98% the previous week.
- Mortgage purchase applications increased 2% in the week ending August 28, while refinancing applications declined 1%.
- Redfin data for the four weeks ending August 30 showed new listings up 8% from a year earlier while pending sales were down 2.5%.
Mortgage rates moved further into territory not seen since the summer of 2025, adding another affordability consideration for U.S. buyers entering the early-fall housing market.
Freddie Mac reported September 3 that its average 30-year fixed-rate mortgage increased five basis points to 6.71%. The rate was 6.66% a week earlier and 6.50% during the comparable week in 2025. The Federal Reserve Bank of St. Louis mortgage series confirms the latest weekly figure.
The last higher weekly Freddie Mac reading was 6.72% on July 31, 2025. That places the latest rate at its highest level in roughly 13 months, a notable shift after rates spent much of the past year below that mark.
“The 30-year fixed-rate mortgage averaged 6.71% this week,” Freddie Mac Chief Economist Sam Khater said. He added that purchase demand had remained relatively stable as buyers adjusted to changing market conditions.
Mortgage Rates Reach Their Highest Level Since July 2025
The 30-year rate is not the only borrowing benchmark moving higher. Freddie Mac said the average 15-year fixed mortgage reached 6.04% on September 3, up from 5.98% the previous week and 5.60% one year earlier.
Higher rates can alter monthly principal-and-interest costs even when the amount borrowed remains unchanged. Freddie Mac estimates that a $300,000, 30-year mortgage would carry a principal-and-interest payment of approximately $1,896 at 6.5% and $1,996 at 7%. Those examples exclude property taxes, insurance, homeowners association charges, and other possible housing expenses.
Published averages do not represent the rate every borrower will receive. Freddie Mac’s Primary Mortgage Market Survey draws from thousands of mortgage applications submitted by lenders and focuses on qualifying conventional home-purchase loans. Individual rates can differ based on credit profile, down payment, property type, loan structure, and lender pricing.
The weekly average also differs from daily mortgage measures, which can respond more quickly to movements in financial markets. That distinction puts the late-August mortgage rate jump in context. Different survey periods and borrower profiles can produce different published rate figures without the measurements necessarily conflicting.
Buyer Activity Holds Up as Refinancing Weakens
Higher mortgage rates have not produced a uniform retreat among homebuyers.
The Mortgage Bankers Association reported that total mortgage application volume increased 0.8% on a seasonally adjusted basis during the week ending August 28. Its Purchase Index increased 2% from the previous week, although the unadjusted purchase measure remained 0.2% below its level a year earlier.
Refinancing moved in the opposite direction. MBA’s Refinance Index declined 1% for the week and stood 19% below its year-earlier level. The refinance share of total mortgage activity slipped to 41.8% from 42% the previous week.
MBA’s own survey recorded an average contract rate of 6.79% for conforming 30-year fixed mortgages, compared with 6.78% one week earlier. The figure differs from Freddie Mac’s 6.71% because the organizations use separate methodologies, survey populations, and measurement periods.
The data suggest buyers are continuing to submit applications even as financing costs remain elevated, although broader housing indicators show demand remains restrained.
More Listings Give Buyers Additional Choices
One counterweight to higher borrowing costs is an expanding selection of homes in parts of the country.
Redfin reported that during the four weeks ending August 30, new U.S. listings reached 383,795 on a seasonally adjusted basis, an 8% increase from the same period a year earlier and the highest level since August 2022. Active listings increased 2.4% year over year to more than 1.51 million.
Demand indicators were softer. Pending sales totaled 308,282 during the same four-week period, down 2.5% from a year earlier and at their lowest level since February. The median sale price was $398,632, up 2.2% year over year, while the share of listings with price reductions reached 20.9%.
The combination of more listings and fewer pending transactions can give buyers more properties to compare, although conditions vary substantially by metropolitan area and price range.
Existing-home figures also show a market moving at a measured pace. The National Association of Realtors reported that July existing-home sales declined 1.7% from June. The median existing-home sales price stood at $431,400, while available inventory represented a 4.6-month supply.
New-home data point to additional supply. The U.S. Census Bureau and Department of Housing and Urban Development estimated that new single-family home sales ran at a seasonally adjusted annual rate of 607,000 in July, 10.5% below the revised June rate. There were an estimated 488,000 new homes available for sale, equivalent to 9.6 months of supply at the July sales pace.
Mortgage Rates Keep Affordability at the Center
The movement in mortgage rates matters because financing costs and home prices work together in determining what buyers can accommodate within monthly budgets.
Recent housing affordability data showed the share of household income required for typical mortgage payments increased during the second quarter as borrowing costs and home prices remained elevated.
At the same time, current supply data show buyers are entering a market with more options than during some earlier periods. Redfin reported four months of available supply for the four weeks ending August 30, up from 3.7 months previously. New-home supply was considerably higher at 9.6 months in the Census and HUD July estimate, although new and existing homes represent different portions of the market.
For buyers, the latest 6.71% mortgage rate therefore arrives with competing forces. Financing costs have moved higher, while listing availability has improved and pending sales have weakened. The resulting affordability picture depends heavily on local home prices, borrower qualifications, available inventory, and the specific mortgage terms offered by lenders.
Frequently Asked Questions
What is the current average 30-year mortgage rate?
Freddie Mac reported that mortgage rates for a 30-year fixed loan averaged 6.71% for the week ending September 3, 2026. The rate increased from 6.66% the previous week and was above the 6.50% average recorded a year earlier.
Why is 6.71% described as a 13-month high?
The 6.71% weekly average is the highest since July 31, 2025, when Freddie Mac reported a 6.72% average. Rates remained below that July 2025 level during the intervening period.
What is the current 15-year mortgage rate?
Freddie Mac reported an average 15-year fixed mortgage rate of 6.04% on September 3. That was up from 5.98% a week earlier and 5.60% during the same period in 2025.
Are buyers still applying for mortgages?
MBA reported a 2% weekly increase in its seasonally adjusted Purchase Index for the week ending August 28. However, the unadjusted purchase index remained 0.2% below the comparable week in 2025, indicating that weekly improvement has not translated into broad year-over-year growth.
Do all borrowers receive the published mortgage rate?
No. Published mortgage rates are market averages based on defined survey criteria. Actual offers can vary depending on factors including credit profile, down payment, loan type, property characteristics, and lender pricing.
