Average mortgage rates on 15 September 2026 stand at 6.82% for a 15-year loan and 7.43% for a 30-year mortgage, while refinancing rates are 6.43% and 7.45% respectively.
The figures are national averages, meaning the rate available to an individual borrower may differ according to factors including location, credit history and the type of loan being sought.
What borrowers can do to secure a mortgage rate
Borrowers with strong applications are more likely to qualify for competitive terms, despite interest rates remaining higher than they were several years ago.
Taylor Jessee, a certified financial planner and founder of Impact Financial, said: “Over the past two years, as the Fed has increased interest rates, borrowing has become more expensive. For example, in 2020 you could lock in a mortgage rate between 2-3% easily. Nowadays mortgage rates are closer to 6-7%. If the Fed stops raising rates then I’d anticipate mortgage rates to also stop going up. That’s good news for borrowers.”
Creditworthiness is a key consideration. The Consumer Financial Protection Bureau says the best rates generally go to borrowers with credit scores in the mid-to-high 700s or above, who also tend to have the widest choice of products.
Paying bills on time and in full, checking credit reports for errors and avoiding applications for other loans or credit cards shortly before seeking a mortgage or refinance may help strengthen an application.
It is also worth comparing offers from several lenders rather than accepting the first rate available. Homeowners refinancing their mortgage should consider providers beyond their existing lender, as rates and terms can vary.
Comparing mortgage and refinancing costs
A 15-year mortgage typically carries a lower interest rate than a 30-year loan, although the shorter term can result in higher monthly payments. Borrowers should assess the full cost of the loan, including fees and closing costs, before making a decision.
For those refinancing, a lower interest rate does not automatically mean the new deal will be cheaper overall. Closing costs and other charges should be compared with the existing mortgage, alongside the proposed monthly payment and total cost over the life of the loan.
Once a suitable offer has been chosen, borrowers can lock in the mortgage rate so it does not rise before the purchase completes. Careful comparisons and a clear calculation of affordability remain important for both new buyers and homeowners considering refinancing.
