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For the first time in more than three years, the Federal Reserve issued an interest rate hike this week. Now at a range between 3.75% and 4.00%, the central bank is attempting to rein in inflation after it has remained stubbornly above the Fed’s target 2% goal in recent months. And the hike could be the first of a series instead of an anomaly, especially if unemployment remains steady and inflation continues to tick up. This will have a ripple effect for millions of savers and borrowers, the latter of whom have already been contending with elevated costs on everyday goods and services, not to mention loans and credit cards. But where does it leave mortgage rates now and in the days and weeks still to come?
Mortgage interest rates actually declined by more than a full percentage point in 2025 after hitting their highest point since 2000 in 2023. And they hovered below 6% earlier this year before geopolitical tensions caused inflation to spike and interest rates to follow. At the same time, locking in a mortgage rate today could be the smart move, if only to protect against any upward movement still ahead. To determine the value of doing so, however, it helps to know where mortgage interest rates stand now, the day following the first Fed rate hike in years. Below, we’ll detail everything borrowers need to know to make an informed decision.
Start by seeing how low your current mortgage rate offers are here.
What are today’s mortgage interest rates?
The average mortgage interest rate on a 30-year mortgage purchase is 7.37% as of September 17, 2026, according to Zillow. The average rate on a 15-year option is now 6.62%. That’s about in line with what they were in August 2023, following the Fed’s last rate hike, when the average sat at 7.31%. And it’s almost two full percentage points above where it sat in early March 2026, when the average rate for a 30-year term was just 5.75%.
At the same time, there are multiple ways in which borrowers can secure rates below this average, perhaps to a significant degree, if they go into the process with a good credit score, a high down payment and the flexibility to use alternatives like adjustable-rate mortgages. Adding mortgage points to any offer can also help. So don’t discount today’s rates in total until you take the time to shop around and thoroughly explore your options.
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What are today’s mortgage refinance rates?
The average mortgage refinance rate on a 30-year term is 7.41% as of September 17, 2026, according to Zillow. The median 15-year refi rate is now 6.75%. These are also materially higher than what they were six months ago. On the same March date noted above, these rates were just 6.47% and 5.48%, respectively. So refinancing could be out of consideration for a slew of current homeowners.
That said, while the conventional wisdom dictates that refinancing is only worth it for those who can secure a mortgage rate that’s a full percentage point below their current one, it may also be valuable for those who can secure a rate half a percentage point lower than what they’re currently paying. The decision to refinance, then, will be a personal one based on your financial circumstances, budget and interpretation of where mortgage interest rates could be heading in the near term.
The bottom line
The average mortgage interest rate on a 30-year purchase term is now 7.37% and it is 6.62% for a 15-year term. Refinance rates are currently 7.41% for 30-year options and 6.75% for 15-year alternatives. These rates are all considerably higher than they were earlier this year and markedly higher than where many borrowers would prefer them to sit. But the decision to buy or refinance shouldn’t be dismissed until borrowers take the time to crunch the numbers. What may look unaffordable on paper may actually be able to fit your budget, allowing you to proceed with your homebuying or refinancing plans, as imperfect as they may be after Wednesday’s Fed rate hike.
