Mortgage Rates Today: Daily 30-Year Rate 7.04% Sep 22 2026

Mortgage Rates Today: What’s Trending

The latest published 30-year benchmark moved from 7.013% on Thursday to 7.038% on Friday, an increase of about three basis points. It is roughly nine basis points above the prior Friday and about 34 basis points above the August 18 reading. The 15-year moved the other way, falling from 6.395% to 6.257%; one-day moves across separate indexes can diverge, so the broader trend is better judged across several observations rather than from one session.

Today’s rate in context

At 7.04%, principal and interest on a $400,000 30-year loan is about $2,672 a month. A $400,000 home purchased with 20% down leaves a $320,000 loan and a principal-and-interest payment of about $2,138 a month.

What to do right now

Treat 7.04% as the latest published national benchmark, not a live Tuesday quote. Monday’s Treasury move happened after Friday’s mortgage observation. A lender can improve or worsen pricing before the Optimal Blue series catches up, so compare same-day quotes with the same points, fees and lock period.

Where Rates Are Headed

The 10-year Treasury closed Monday at 4.96%, down from 5.01% Friday. That is a more favorable backdrop for fixed mortgage pricing, but it does not guarantee that the next national mortgage observation falls. On Friday, the last session with both benchmarks available, the 7.038% Optimal Blue 30-year index sat about 203 basis points above the 5.01% 10-year Treasury yield.

What could move rates today

Tuesday has no CPI, PCE or payrolls release, so the bond market will be watching Treasury demand and Fed communication. A 2-year Treasury note auction is scheduled for 1:00 p.m. ET, while Fed Vice Chair Philip Jefferson is scheduled to speak at 10:20 a.m. ET on Treasury market functioning. The bigger growth-data window arrives Wednesday with September flash PMI, followed by new-home sales Thursday and durable-goods orders Friday.

What’s Moving the Market

The Federal Reserve raised the federal funds target range by 25 basis points on September 16 to 3.75%–4.00%. Fixed mortgage rates do not move one-for-one with that policy rate; they are more directly influenced by longer-term Treasury yields, mortgage-backed-securities demand, market volatility and lender margins.

The driver right now

The most important fresh signal is Monday’s drop in the 10-year Treasury yield to 4.96%. That move reversed Friday’s return above 5% and can support better mortgage pricing if it persists. For today, the 2-year note auction and Fed speakers matter mainly through their effect on the Treasury curve; the next major test of the growth outlook is Wednesday’s flash PMI release.

What This Rate Means for Homebuyers

A $400,000 home with 20% down leaves a $320,000 mortgage. At 7.04%, principal and interest is about $2,138 a month. On a full $400,000 loan, the payment is about $2,672.

Lock or float?

If your closing is near and the current payment fits your budget, locking can reduce exposure to another Treasury selloff. If you have more time, Monday’s bond rally is a reason to re-shop quotes rather than assume the published 7.04% benchmark has already moved lower. If you lock, ask whether the lender offers a float-down feature and what its conditions or costs are.

Mortgage Rates Today: Monthly Payment Estimates

Principal and interest only. Does not include taxes, insurance or PMI.

For First-Time Homebuyers

A $285,000 starter loan costs about $1,904 a month in principal and interest at 7.04%. Program choice can matter as much as a small daily rate move, so compare conventional, FHA and VA options using the full payment and upfront costs rather than the note rate alone.

Getting in with less down

FHA minimum-down-payment rules remain 3.5% with a qualifying credit score of 580 or higher and 10% down for scores from 500 to 579; borrowers below 500 are not eligible under FHA’s minimum credit-score rules, and lenders may impose stricter overlays. Compare the full monthly cost including mortgage insurance.

Affordability Snapshot

Assumes a $100,000 household income, a 28% front-end housing ratio, roughly 20% of that housing budget reserved for taxes and insurance, 10% down, and a 30-year term. It is not a pre-qualification.

What This Rate Means for Refinancers

A $350,000 balance at 7.25% costs about $2,388 a month. At 7.04%, the same balance is about $2,338, a difference of roughly $50 a month before closing costs.

Is it worth it yet?

There is no universal refinance threshold. Divide total closing costs by expected monthly savings to estimate the break-even period, then compare that with how long you expect to keep the loan. Cash-out needs, mortgage-insurance removal and term changes can alter the math materially.

For Real Estate Investors

Illustrative investor pricing, roughly 60 basis points above the latest conforming benchmark, runs near 7.64%. On a $250,000 30-year loan, that is about $1,772 a month in principal and interest before taxes, insurance, HOA costs or reserves. Actual investor pricing depends heavily on property type, leverage, credit, points and whether the loan is conventional or DSCR.

15-Year vs 30-Year: Which Is Right for You?

On a $350,000 loan, the 30-year at 7.04% costs about $2,338 a month and about $491,669 in lifetime interest if held to maturity. The 15-year at 6.26% costs about $3,003 a month and about $190,520 in lifetime interest. That is roughly $301,149 less interest, but the required payment is about $665 higher each month.

The 15-year can make sense for borrowers with strong cash flow who value faster principal reduction. The 30-year preserves monthly flexibility. The better choice depends on budget, reserves and how long you expect to keep the mortgage.

The Latest Published Rate Is Still Near a One-Year High

The latest 7.038% reading is only about one basis point below the 7.047% 52-week high reached on September 16. It is also about 77 basis points above the comparable year-ago Optimal Blue reading. Monday’s Treasury rally offers some relief, but the mortgage benchmark itself has not yet confirmed a sustained turn lower.

The Bottom Line

Mortgage rates enter Tuesday with the latest published 30-year benchmark at 7.04%, the 15-year at 6.26%, and Bankrate’s 5/1 ARM national average APR at 6.78%. The fresh market signal is more constructive than Friday’s mortgage print: the 10-year Treasury closed Monday at 4.96%, five basis points below Friday. Today’s next Optimal Blue update will show whether mortgage locks began to reflect that move, while the 2-year auction and Fed communication can still shift Treasury yields before lenders finish repricing.