09/04/2026
Mortgage rates: Highest in more than a year
The 30-year fixed-rate mortgage climbed to a 6.71% national average this week, now well above its 6.50% average a year ago, Freddie Mac reports. As rates rise, more home buyers are turning to adjustable-rate mortgages to secure a lower initial rate and reduce their borrowing costs. ARMs comprised 8% of mortgage applications last week, the highest share in five weeks, according to the Mortgage Bankers Association. ARMs typically offer a fixed interest rate for a five-, seven- or 10-year period before adjusting to current market rates. Last week, the average contract interest rate for a five-year ARM fell to 5.94%, according to MBA.
