Mortgage rates rose for a fourth consecutive week to the highest level since Donald Trump took office, with the 30-year fixed average reaching 7.13% in the week ending September 17, 2026. The increase adds to cost pressures ahead of the November midterms.
The rate is up 12 basis points from 7.01% a week earlier. It is the fourth straight weekly gain.
Mortgage Rates Climb for Fourth Straight Week to Hit Highest Level Since Trump Took Office
Freddie Mac data show the 30-year fixed mortgage rate climbed to 7.13% for the week ending September 17, 2026. That is the highest weekly average since January 2017.
Rates have risen each week since early September. The move reverses a brief cooling in late summer.
Key Takeaways from the Latest Mortgage Rate Data
The 30-year fixed mortgage rate averaged 7.13% in the week ending September 17, up from 7.01% the prior week.
This marks four consecutive weekly increases. The level is the highest since Trump took office in January 2017.
Monthly payment affordability deteriorates. On a median-priced home of $425,000 with 20% down, principal and interest rises roughly $110 to $120 per month versus last week.
| Week Ending | 30-Year Fixed Avg | Weekly Change |
|---|---|---|
| Sep 10, 2026 | 7.01% | +8 bps |
| Sep 3, 2026 | 6.93% | +6 bps |
| Aug 27, 2026 | 6.87% | +5 bps |
| Aug 20, 2026 | 6.82% | +4 bps |
Why Mortgage Rates Are Rising Now
Fed policy expectations are firming. Traders price a higher terminal rate as inflation prints remain sticky.
Bond yields are moving up in parallel. The 10-year Treasury yield rose this week and mortgage-backed securities tracked higher.
Inflation persistence ahead of the midterms limits cut expectations. Investor demand for Treasuries and mortgage-backed securities eased.
Weeks Before the Midterms, Almost Everything Is Getting More Expensive
Mortgage rates add to cost-of-living pressures. Housing costs are a central voter concern.
Rates correlate with rent growth, home prices and consumer goods inflation. Higher borrowing costs feed into shelter inflation.
The political narrative around housing affordability is intensifying. Higher monthly payments coincide with broader price increases.
Regional Impact: With Mortgage Rates on the Rise, Twin Cities Buyers Already in Retreat
Minnesota Twin Cities home sales are slowing. Days on market are increasing.
Buyer pullback is evident. Sellers face price negotiations and inventory build-up.
Local lenders report refinance activity is frozen. Purchase applications are down year-over-year.
Core Pain Points for Homebuyers and Sellers in 2026
Affordability cliff from higher rates and stagnant wages is widening. Monthly payments outpace income growth.
Lock-in effect reduces existing homeowner mobility. Current owners with lower rates are staying put.
First-time buyer entry barrier is rising. Credit qualification stress is increasing.
Sellers face price cuts and extended listing times in cooling markets. Inventory is accumulating.
What Buyers Can Do While Rates Stay Elevated
Rate shopping remains essential. Quotes vary by lender and profile.
Points versus no-points analysis can alter effective cost. Upfront cost trades off with rate.
Adjusting budget, down payment and loan term changes payment. Shorter terms lower interest.
Monitoring Fed signals and rate forecast models helps timing. Decisions remain data dependent.
Outlook and Forecast for Mortgage Rates
Analyst predictions for Q4 2026 center on 7.0% to 7.5%. Persistence of inflation supports the range.
If inflation cools, rates could stabilize. If inflation persists, further increases are possible.
Midterm election outcomes could influence rate direction through fiscal and Fed expectations.
FAQ
Are mortgage rates at their highest since 2019? No. The current average is the highest since Trump took office in 2017, above 2019 levels.
Will rates come down before the midterms? No consensus exists. Fed commentary and inflation data will decide.
How do rising rates affect home values in the Twin Cities? Higher rates reduce buyer purchasing power. Values face downward pressure in cooling submarkets.
💡 Frequently Asked Questions (FAQ)
- Q: What is the current 30-year fixed mortgage rate?
- A: The 30-year fixed mortgage rate averaged 7.13% for the week ending September 17, 2026, up from 7.01% the prior week.
- Q: Why are mortgage rates rising now?
- A: Rates are rising due to firmer Fed policy expectations with sticky inflation and parallel increases in 10-year Treasury yields, reversing a late-summer cooling.
- Q: How does the rate increase affect monthly payments?
- A: On a median-priced $425,000 home with 20% down, principal and interest rises roughly $110 to $120 per month versus last week.
- Q: Is this the highest rate in recent history?
- A: It is the highest weekly average since Donald Trump took office in January 2017, marking four consecutive weekly gains since early September.
Extended Reading
CNN reported on September 17, 2026 that mortgage rates climbed for a fourth straight week to the highest level since Trump took office.
The Wall Street Journal noted weeks before the midterms almost everything is getting more expensive, with housing costs leading the pressure.
The Star Tribune detailed Twin Cities home sales slowing as buyers retreat amid rising mortgage rates.
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