Mortgage Rates Edge Down but Stay Above 7% as Fed Moves Ripple Through Housing

The 30-year fixed rate slipped to 7.068% on September 22, though refinance demand remains 65% below last year's pace.

By THRYV Money Desk·Published September 23, 2026·Updated September 23, 2026·3 min read

Mortgage Rates Edge Down but Stay Above 7% as Fed Moves Ripple Through Housing

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The takeaway

The average 30-year fixed mortgage rate slipped to 7.068% on September 22, down from 7.09% the day before but still up slightly from a week ago, according to rate-tracking data. Rates have stayed elevated after the Federal Reserve's September 15-16 meeting, and refinance applications are down 65% year-over-year.

The average 30-year fixed mortgage rate ticked down to 7.068% on September 22, according to rate-tracking data, a slight dip from 7.09% the previous day but still 2 basis points higher than a week earlier. Rates have held above 7% since the Federal Reserve's September 15-16 meeting, even after the Fed raised its benchmark rate to a 3.75%-4.00% range.

Where rates stand today

30-year fixed: 7.068%, down from 7.090% the prior day, up from 7.044% a week ago
15-year fixed: 6.332%, down from 6.355% the prior day, up from 6.237% a week ago

What's driving the moves

Ongoing market concerns over spiking energy prices, persistently high inflation, and future monetary policy pushed bond yields and mortgage rates higher.

Joel Kan, Mortgage Bankers Association

Mortgage rates typically track the direction of the 10-year Treasury yield more closely than the Fed's benchmark rate itself, and analysts note that inflation expectations and energy prices have been adding upward pressure even as the Fed has moved to cut rates this year.

What it means for buyers and homeowners

With 30-year rates still above 7%, refinance applications have fallen 65% year-over-year, as most existing borrowers have little incentive to refinance into a similar or higher rate. Prospective buyers face a housing market where affordability remains squeezed by both elevated rates and home prices, though the recent small pullback offers modest relief compared with the highs seen earlier in the cycle.

Sources

This article is original writing by THRYV. We link to primary reporting and official documents rather than reproducing them.

Rate data and analysis — Fortune

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Written and edited in-house by the THRYV Money Desk. We do not republish or reword agency copy, and we do not invent quotes, statistics, testimonials or ratings. Where figures move frequently, we point you to the primary release rather than printing a number that will be out of date. Advertising and affiliate partnerships have no influence on our reporting — see our editorial standards, fact-checking policy and affiliate disclosure. Spotted an error? Write to newsroom@thryv-news.com.

General information only. Not personalised financial, medical or legal advice.

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