Mortgage rates in the US have climbed to 6.85% as of September 9, 2026, marking their highest point in more than a year. This increase is attributed to the ongoing war in Iran and concerns about rising inflation. The average rate for a 30-year fixed mortgage has risen by 73 basis points since the conflict in Iran began in late February.
The 15-year fixed mortgage rates have followed a similar upward trend, reaching an average of 6.04%. This level for 15-year mortgages has not been observed since February 2025. These elevated rates are impacting the housing market by increasing borrowing costs for prospective homebuyers.
Experts had initially anticipated some relief for homebuyers in 2026, but geopolitical tensions and inflationary pressures have driven rates higher instead. The Federal Reserve's actions, while not directly setting mortgage rates, influence them through the federal funds rate, which remained at 3.50%-3.75% after its most recent meeting in July. The next FOMC meeting is scheduled for September 15-16.
