If you’ve watched mortgage rates over the last few years, “rising” probably feels like old news. But rates still move week to week, and where they sit changes what you can afford. Here’s the current picture and what to do about it.
Where rates stand
Freddie Mac’s national survey put the 30-year fixed-rate mortgage at about 6.95% in mid-September 2026, with the 15-year fixed at about 6.26% — both up from a year earlier. Rates have fluctuated throughout 2026 as markets digest economic data, and they’re expected to keep moving.
For context: these rates are elevated compared with the unusually low rates of 2021, when 30-year rates sat near 3%. The practical effect is straightforward — the same home costs more per month to finance than it did a few years ago.
How to get the best rate you can
- Strengthen your credit. Your score is one of the biggest factors in the rate you’re offered. Even modest improvement can help.
- Shop multiple lenders. Rates and fees vary meaningfully between lenders. Get several quotes on the same day for an apples-to-apples comparison — this alone can save thousands.
- Consider discount points. Paying points (upfront fees) can buy your rate down. Do the breakeven math: divide the cost by the monthly savings to see how long until it pays off, and only buy points if you’ll keep the loan past that point.
- Weigh a shorter term. 15-year loans carry lower rates, if the higher payment fits your budget.
- A larger down payment can improve your rate and removes PMI on conventional loans.
- Consider an ARM if you’ll sell or refinance within the fixed period — understand the worst-case adjusted payment first.
- Remember refinancing exists. Buy the payment you can afford today; if rates fall later, refinancing is always an option (never a guarantee).
Keep perspective
Higher rates have a silver lining for buyers: they’ve cooled competition. Tampa Bay buyers in 2026 are seeing softer prices, longer market times, and frequent price cuts — negotiating room that didn’t exist when rates were at rock bottom. A higher rate on a fairly priced home you can refinance later often beats a low rate on an overpriced home you can’t.
Don’t wait for the perfect rate. Get pre-approved, know your comfortable payment, and buy when your life says ready.
Sources: Freddie Mac Primary Mortgage Market Survey, September 17, 2026 (via GlobeNewswire).