Metro data: NAR Q2 2026 · Rates: Freddie Mac 7.03% (Sep 24, 2026)
Rates

Mortgage Rates Above 7%: What It Means for Your Monthly Payment

On September 24, 2026, Freddie Mac's weekly survey put the average 30-year fixed mortgage rate at 7.03% — its first reading above 7% since January 2025. Here is what that means in dollars.

The payment on a median-priced home

Take the U.S. national median single-family price of $434,900 (NAR, Q2 2026), with 20% down and a 30-year fixed loan of $347,920. Principal and interest work out to:

RateMonthly principal & interestDifference vs 6%
6.00%$2,086—
7.03%$2,322+$236 / month
8.00%$2,553+$467 / month

At today's rate, the same home costs about $236 more every month than it would at 6% — roughly $2,800 a year, or about $85,000 over 30 years if you never refinance.

How rates change your buying power

If your budget is fixed, higher rates shrink the price you can afford. For a household earning $100,000 using the 28% rule, the maximum price with 20% down falls from about $486,000 at 6% to about $437,000 at 7.03%. We walk through this in detail in our guide to the 28% rule.

What buyers can do

  • Compare lenders. Rates and fees differ between lenders on the same day; getting several quotes is one of the easiest ways to save.
  • Look at lower-priced metros. Many of the fastest-rising markets still have medians well below the national figure.
  • Consider a larger down payment. It reduces the loan amount and can remove the need for mortgage insurance.
  • Watch the weekly numbers. Freddie Mac publishes its survey every Thursday.

Plug in today's rate — or any rate — in our affordability checker to see your own maximum price.

Sources: Freddie Mac Primary Mortgage Market Survey; NAR Q2 2026. Payment figures are principal and interest only and exclude taxes, insurance, HOA and PMI.

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