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Mortgage rates hit their highest level in over a year as a global bond selloff intensified and Fed Chairman Kevin Warsh signaled in a closely watched speech that the central bank may soon need to raise benchmark interest rates.
The average 30-year fixed rate mortgage was 6.71% this week through Wednesday — the highest since June 2025 — according to Freddie Mac data, up from 6.66% a week earlier.
Other measures of mortgage rates have shown an even bigger jump.
Mortgage rates on Wednesday averaged 6.91%, according to Mortgage News Daily.
The 10-year Treasury yield, which mortgage rates closely track, has risen sharply in recent weeks as investors worldwide grow more jittery about inflation.
In a speech last Friday, Warsh emphasized the Fed's commitment to reducing inflation, noting "inflation is running above our 2% target.
So the Fed's predominant focus right now should be on prices." Wall Street interpreted those remarks as a signal that the Fed may hike rates as soon as this month, sending yields higher still.
The Fed doesn't directly control mortgage rates, but its hiking and cutting decisions do influence their direction.
Traders currently see roughly 50-50 odds of a 25-basis-point rate increase when the Fed meets in mid-September.
Read more:Weekly survey of mortgage lenders with the lowest rates: Minor pricing changes Here are the current purchase mortgage rates for today,Thursday, September 3, 2026, according to the latest Zillow data: Remember, these are the national averages and rounded to the nearest hundredth.
Here are 8 strategies for getting the lowest mortgage rate possible.
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