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Brian McKay

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Brian is the Co-Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.

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| September 21, 2026 | 6 min read

Average 30-Year Mortgage APR Rises to 6.995%, Just Under 7.00%, After the Fed's Rate Increase

The average APR on a 30-year fixed mortgage reached 6.995% this week, just under 7.00%. The average 30-year note rate rose 0.138 points to 6.809% in the first report since the Federal Reserve raised its benchmark rate a quarter point on September 16, and all nine averages we track moved higher.

The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on Wednesday, September 16, its first increase since 2023, and average home loan rates rose on all nine products we track in the first report collected after that decision. Measured by APR, which includes points and lender fees, the 30-year average reached 6.995%, just under 7.00%. 30-year mortgage rates rose 0.138 points to 6.809% and 15-year fixed mortgage rates rose 0.156 points to 6.356%. Jumbo, FHA, and VA mortgage rates each rose at least 0.15 points. Since our September 8 report, the 30-year average has risen 0.264 points.

The average 30-year APR is 0.005 points under 7.00%

Conventional mortgage rates, national average APR since late March

Average APRs from MonitorBankRates.com's nightly collection, updated daily. The figures in the text and table below are average note rates, which run below APR.

30-year mortgage rates rose 0.138 points to 6.809%, their sixth straight increase in our reports and the largest of the six. Since our September 8 report they have risen 0.264 points, from 6.545% to 6.809%. 15-year fixed mortgage rates rose 0.156 points to 6.356%. In payment terms, this week's move added about $37 a month to principal and interest on a $400,000 30-year loan, and the two reports since September 8 have added about $70 a month combined. Measured by APR, which includes points and lender fees, the 30-year average stands at 6.995%; FHA loans average 7.239% APR and 30-year jumbo loans 7.011% APR, both already above 7.00%.

Adjustable-rate averages rose as well. 5/1 ARM rates added 0.071 points to 6.062% and remain the lowest average we track, 7/1 ARM rates rose 0.099 points to 6.231%, and 3/1 ARM rates rose 0.059 points to 5.867%. The 3/1 ARM figure comes from the smallest ARM pool we track, 56 lenders this week.

Jumbo, FHA, and VA rates each rose at least 0.15 points

30-year jumbo mortgage rates rose 0.151 points to 6.910% and 15-year jumbo rates 0.173 points to 6.454%, the largest change of the nine products this week. Jumbo averages come from the smallest lender pools we track, 49 lenders for the 30-year and 24 for the 15-year this week.

Jumbo and FHA rates, national average APR since late March

Average APRs from the nightly collection. VA loans are omitted from this chart pending a data-quality fix in the nightly series; the VA table figures below are verified.

VA mortgage rates rose 0.164 points to 6.589% and FHA mortgage rates 0.154 points to 6.523%. The rate an individual borrower gets depends on the lender and the loan file as well as the program. Buyers comparing local offers can line up Florida mortgage rates against these national averages.

Weekly change by loan type (percentage points)

Average note rates, September 14 to September 21. Red bars rose.

Mortgage rates this week: September 14 vs. September 21

The Fed raised its benchmark rate a quarter point on September 16

The Federal Reserve raised its benchmark rate to 3.75% to 4.00% on Wednesday, September 16, its first increase since 2023. The vote was 12 to 0, and the statement said inflation remains elevated. Fixed mortgage rates are priced from long-term Treasury yields rather than from the Fed's benchmark, and those yields have risen all month: the 10-year Treasury yield stood near 4.8% in the first week of September, crossed 5% on September 14 for the first time since October 2023, and traded at 5.01% on the day of the announcement. That climb in yields is why average mortgage rates have risen since the start of September; the daily series on our mortgage rate trends page shows the same climb through the month.

Principal and interest at this week's averages

At 6.809%, principal and interest on a $400,000 30-year loan run about $2,610 a month, up roughly $37 from last week's average. Our mortgage affordability calculator works from this same live data, starting from today's MonitorBankRates national average, computed from rates published by more than 8,000 banks and credit unions and updated every day, and estimates the loan size and home price a given income supports at current rates. Homeowners with an existing loan can measure a refinance against this market with the refinance calculator, which also defaults to the live averages, and current offers are on our refinance rates page.

Homeowners insurance is part of the monthly payment

Lenders require homeowners insurance before closing, and the premium sits in the monthly payment alongside principal, interest, and property taxes. Our MBR Home Insurance Burden Index ranks all 50 states by how heavily insurance weighs on homeowners, and Florida buyers can compare carriers in our Florida homeowners insurance guide.

The bottom line after the Fed's rate increase

All nine mortgage averages rose in the first report since the Federal Reserve raised its benchmark rate. The average 30-year APR stands at 6.995%, just under 7.00%, with the note-rate average at 6.809% and 15-year fixed rates at 6.356%. Behind the 6.809% average, 30-year offers in our data run from 4.990% to 9.250%, and the rate any borrower is quoted depends on the lender, the loan file, and the property.