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:
| Rate | Monthly principal & interest | Difference 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.