Mortgage Rates Today: Daily 30-Year Rate 7.31% Sep 29 2026

Mortgage Rates Today: What’s Trending

The benchmark pushed to another high in Monday’s published observation. The 30-year fixed rose from 7.23% to 7.31%, while the 15-year climbed from 6.57% to 6.67%. On a $400,000 loan, 7.31% translates to about $2,745 a month in principal and interest.

Today’s rate in context

A year ago, the comparable 30-year benchmark was 6.31%. A $400,000 loan at that rate cost about $2,478 a month, so today’s latest published benchmark raises principal and interest by roughly $267 a month, or about $3,198 over a year. Over the past 30 days, the benchmark has moved from roughly 6.69% to 7.31%.

What to do right now

If you are under contract, re-run the payment and cash-to-close numbers at 7.31% rather than relying on a quote from last week. If your search is still flexible, set a maximum monthly payment first: at today’s benchmark, a $320,000 loan costs about $2,196 a month before taxes, insurance and any mortgage insurance.

Where Rates Are Headed

The latest published 30-year benchmark is 7.31%, about 28 basis points above the September 21 observation and roughly 62 basis points above the nearest observation 30 days earlier. That keeps the short-term trend pointed higher, even though mortgage pricing can pause or reverse quickly when Treasury yields move.

What could move rates next

The bond market remains the immediate transmission channel. The 10-year Treasury closed September 28 at 5.24%, up from 5.17% on September 25, while the 2-year rose to 4.92%. Against Monday’s 7.31% mortgage benchmark, the same-date mortgage/Treasury spread is roughly 207 basis points. Mortgage rates do not move one-for-one with Treasuries because MBS demand, volatility and lender margins also matter.

What is most likely from here

Today’s JOLTS report showed job openings little changed at 7.1 million in August, with quits unchanged at 3.1 million. That did not deliver a dramatic labor-market shock. The next larger rate risk is Wednesday’s PCE inflation report and GDP update at 8:30 a.m. ET, followed by Friday’s September jobs report. A softer sequence could relieve Treasury yields; firmer inflation or labor data would keep pressure on mortgage pricing.

What’s Moving the Market

The Federal Reserve’s target range remains 3.75%–4.00% after the September 16 quarter-point hike, but fixed mortgage rates are being driven more directly by longer-term Treasury yields and mortgage-backed securities. The 10-year finished Monday at 5.24%, seven basis points above Friday’s close, and the latest published 30-year mortgage benchmark moved to 7.31%.

The driver right now

The calendar is now unusually concentrated. August JOLTS, released this morning, showed 7.1 million openings and 3.1 million quits, both little changed. On Wednesday, September 30, BEA releases August Personal Income and Outlays — including PCE inflation — together with the third estimate of second-quarter GDP at 8:30 a.m. ET. Then the September Employment Situation arrives Friday, October 2, also at 8:30 a.m. ET. Those two releases are the clearest near-term tests for Treasury yields and mortgage pricing.

What This Rate Means for Homebuyers

At 7.31%, principal and interest on a $400,000 30-year loan is about $2,745 a month. A $400,000 home with 20% down — a $320,000 loan — is about $2,196 before property taxes and homeowners insurance. The same $400,000 loan at 6.31% a year ago was about $2,478, a difference of roughly $267 a month.

Lock or float?

If your closing is inside 30 to 45 days and today’s payment works, locking deserves serious consideration. A lock gives up the benefit of a later drop in exchange for protection against a further rise, subject to the lender’s terms. With more time, floating can be reasonable only if your budget can absorb a worse rate; ask whether a float-down is available after locking.

Smart shopping moves

Stress-test every offer at least a quarter point above today’s benchmark. At 7.56%, a $400,000 loan would cost roughly $2,814 a month, about $69 more than at 7.31%. Compare at least three same-day quotes using the same points, fees and lock period so you are comparing actual pricing rather than headline rates.

For First-Time Homebuyers

A $300,000 purchase with 5% down means a $285,000 loan. At 7.31%, principal and interest is about $1,956 a month before taxes, homeowners insurance and mortgage insurance. Affordability is tight enough that down payment assistance, seller credits and program-specific pricing can materially change the monthly budget.

Getting in with less down

FHA generally allows 3.5% down with a FICO score of 580 or higher and 10% down for scores from 500 to 579; below 500, FHA minimum eligibility is not available, and individual lenders may apply stricter overlays. Eligible VA borrowers can finance with no required down payment, while USDA offers zero-down financing in eligible rural areas subject to program requirements.

How to compete and win

A fully underwritten pre-approval is more useful than a simple pre-qualification when rates are moving quickly because income, assets and credit have already been reviewed. Have the lender refresh the approval using the latest pricing before making an offer so the payment and qualification numbers match the market you are actually buying into.

What This Rate Means for Refinancers

A refinance at 7.31% only works on rate alone when the existing loan is meaningfully higher. For example, a $350,000 balance at 7.75% costs about $2,507 a month; refinancing to 7.31% lowers principal and interest to about $2,402, a saving of roughly $106 a month before closing costs.

Is it worth it yet?

Break-even is closing costs divided by monthly savings. At about $106 a month, $3,000 in costs takes roughly 28 months to recover and $6,000 takes about 57 months. Compare that recovery period with how long you expect to keep the new loan, and remember that restarting a 30-year term can increase lifetime interest even when the monthly payment falls.

Cash-out versus rate-and-term

Cash-out refinancing is a separate debt-management decision. Replacing much higher-cost revolving debt can improve cash flow, but moving short-term debt into a long mortgage extends the repayment period and puts the home behind the debt. Rate-and-term borrowers should use actual closing costs, monthly savings and holding period rather than a universal rate threshold.

For Real Estate Investors

Illustrative investor pricing, assuming roughly 60 basis points above the latest published conforming benchmark of 7.31%, would put the rate near 7.91%. On a $225,000 loan, that is about $1,637 a month in principal and interest. Actual investor pricing varies by leverage, credit, property type and lender adjustments.

Making the numbers work

At this level, underwrite the property to the rate you can actually lock. Cap rate, debt-service coverage, cash-on-cash return, taxes, insurance, maintenance and a realistic vacancy assumption should carry the deal without requiring a future refinance to rescue the numbers.

Alternative financing options

DSCR, bridge and hard-money loans solve different financing problems and usually price above conforming owner-occupied mortgages. Because current terms vary widely by leverage, property cash flow, credit and lender, compare full quotes rather than relying on a generic market range. If rates fall later, treat that as an opportunity to re-quote — not as part of today’s underwriting case.

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

A $350,000 loan over 30 years at 7.31% costs about $2,402 a month and about $514,676 in total interest. The same balance over 15 years at 6.67% costs about $3,082 a month and about $204,702 in interest. The shorter term costs roughly $680 more each month but saves about $309,973 in lifetime interest if both loans are held to maturity.

Who the 15-year fits

The 15-year currently carries about a 64-basis-point discount to the 30-year, reflecting its shorter duration and different risk profile. It can fit borrowers with stable income, strong reserves and enough monthly cash flow to absorb the higher required payment without squeezing retirement savings or emergency funds.

Why most pick the 30-year

The 30-year preserves payment flexibility. Extra principal payments can shorten the loan materially without making the higher 15-year payment mandatory every month. For buyers already near their budget ceiling, that flexibility can matter more than maximizing theoretical lifetime interest savings.

What $2,500 a Month Buys Now Against a Year Ago

A $2,500 monthly principal-and-interest budget supports a loan of about $364,000 at 7.31%. At the 6.31% benchmark from a year ago, the same payment supported about $403,000. That is roughly $39,000 less borrowing power from rate movement alone.

What it means for you

For buyers, that squeeze shows up directly in the search range. A $400,000 home with 5% down creates a $380,000 loan, which costs about $2,608 a month at 7.31% before taxes, insurance and mortgage insurance — already above a $2,500 P&I budget.

What would change it

A lower mortgage rate would restore some of that room, but the next moves depend on economic data and the bond market. Wednesday’s PCE release and Friday’s jobs report are the immediate tests; a Treasury rally can help, but mortgage rates may move by a different amount because the mortgage/Treasury spread is not fixed.

The Bottom Line

The latest published 30-year fixed benchmark is 7.31%, a new 52-week high and about 8 basis points above the prior observation. The 15-year is 6.67%, and Bankrate’s September 29 national average 5/1 ARM APR is 6.47%. Monday’s 10-year Treasury close of 5.24% keeps the rate backdrop under pressure, while today’s JOLTS report was broadly steady rather than a clear catalyst for relief.

Your move

Homebuyers: re-run the payment at 7.31% and stress-test a quarter point higher before making an offer. Refinancers: use real closing costs and break-even math; a small rate gap is not enough by itself. Investors: underwrite at today’s lockable terms and require the property cash flow to work without assuming a future refinance.

What to watch next

The next major event is Personal Income and Outlays on September 30 at 8:30 a.m. ET, including PCE inflation, released alongside the third estimate of second-quarter GDP. The September jobs report follows Friday, October 2 at 8:30 a.m. ET. Those releases can move Treasury yields quickly, so borrowers near a lock decision should know their lender’s lock and float-down terms before the data hit.