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Mortgage Rates Spike: 30-Year Fixed Hits 7.21%
25 Sep
Summary
- The 30-year fixed mortgage rate reached 7.21% on September 25, 2026.
- Both purchase and refinance mortgage rates saw an increase overnight.
- Forecasting suggests mortgage rates will remain stable through 2027.
Mortgage rates have surged, with the average 30-year fixed rate reaching 7.21% on Friday, September 25, 2026. This increase of 23 basis points from the previous day reflects rising Treasury yields, also affecting other loan types like the 15-year fixed and 5/1 ARM.
Both purchase and refinance rates have seen an upward trend. For instance, the 30-year fixed refinance rate is currently 7.24%. Understanding mortgage rates involves knowing the difference between fixed-rate mortgages, which maintain a consistent interest rate, and adjustable-rate mortgages, where rates can fluctuate after an initial period.
Looking ahead, forecasts suggest mortgage rates will likely remain stable. Both the MBA and Fannie Mae predict the 30-year fixed rate to average between 6.7% and 6.8% through the remainder of 2026 and continue at that level throughout 2027.
