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Mortgage rates climb as weekly PMMS hits 6.71% and daily quotes near 7% (week of September 3, 2026)

Freddie Mac's weekly 30-year average rose to 6.71% on September 3, 2026, while Mortgage News Daily's daily index sat at 6.91% on September 2. Bankrate's daily national average was 6.80%.

Published: 2026-09-03

Key takeaways

  • Freddie Mac's PMMS as of September 3, 2026 put the 30-year fixed at 6.71% (up from 6.66%) and the 15-year fixed at 6.04% (up from 5.98%). A year earlier those weekly averages were 6.50% and 5.60%.
  • Mortgage News Daily's daily index as of September 2, 2026 at 3:08 p.m. showed 30-year fixed at 6.91% (up 0.02) and 15-year fixed at 6.50% (up 0.11). The same snapshot listed 30-year jumbo at 7.00%, 7/6 SOFR ARM at 6.51%, 30-year FHA at 6.45%, and 30-year VA at 6.47%.
  • Bankrate's national averages as of Thursday, September 3, 2026 at 6:30 a.m. put 30-year fixed at 6.80% (6.87% APR), up 0.07 versus last week, and 15-year fixed at 6.17% (6.27% APR), up 0.09. The same snapshot listed 30-year FHA at 6.47%, VA at 6.50%, and jumbo at 6.88%.
  • Matthew Graham at Mortgage News Daily wrote on September 2 that the daily index rose into the 6.9s for the first time in more than a year, and that many borrowers are already seeing rates at 7% or higher.
  • Bankrate's expert poll for the week of September 3-9, 2026: 83% expect rates up, 17% unchanged, 0% down. The same poll page said Bankrate's national survey of large lenders put the average 30-year fixed at 6.76% as of September 2.

Mortgage rates climb as weekly PMMS hits 6.71% and daily quotes near 7% (week of September 3, 2026)

Published: September 3, 2026

Freddie Mac's weekly 30-year average finally moved higher. The Primary Mortgage Market Survey printed 6.71% on September 3, 2026, up 5 basis points from last week's 6.66%. That is a real week-over-week climb, not another hold near the same number. Weekday lender sheets sat closer to 7% than to that 6.71% headline. Mortgage News Daily's daily index was 6.91% on September 2. Bankrate's daily national average was 6.80% on September 3. If you are shopping, treat 6.71% as the official Thursday survey and treat the daily prints as closer to what many rate sheets showed this week.

What are 30-year and 15-year mortgage rates this week?

Freddie Mac's Primary Mortgage Market Survey (PMMS) as of September 3, 2026 put the 30-year fixed-rate mortgage at 6.71%, up from 6.66% the week before, and the 15-year fixed at 6.04%, up from 5.98%. A year earlier, those weekly averages were 6.50% and 5.60%. Freddie Mac said: "The 30-year fixed-rate mortgage averaged 6.71% this week. Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions." PMMS publishes Thursdays at 12 p.m. ET and averages loan rates offered the prior Thursday through Wednesday.

Mortgage News Daily's daily index, last updated Wednesday, September 2, 2026 at 3:08 p.m., showed a 30-year fixed rate of 6.91%, up 0.02 from the prior session, and a 15-year fixed rate of 6.50%, up 0.11. The same MND snapshot listed 30-year jumbo at 7.00% (up 0.08), 7/6 SOFR ARM at 6.51% (up 0.06), 30-year FHA at 6.45% (up 0.04), and 30-year VA at 6.47% (up 0.04).

Bankrate's national averages as of Thursday, September 3, 2026 at 6:30 a.m. put the 30-year fixed at 6.80% interest (6.87% APR), up 0.07 versus last week, and the 15-year fixed at 6.17% (6.27% APR), up 0.09. The same Bankrate snapshot listed a 30-year FHA average of 6.47%, a 30-year VA average of 6.50%, and a 30-year jumbo average of 6.88%. Bankrate's separate national survey of large lenders put the average 30-year fixed at 6.76% as of September 2.

Rate note: these are national averages for education only, not a quote or a rate promise. Your actual rate depends on credit score, down payment, loan type, discount points, and the day you lock.

What moved mortgage rates this week?

The weekly survey caught the climb: 6.71% this week versus 6.66% last Thursday. Weekday sheets stayed closer to 7% than to that headline, with Mortgage News Daily at 6.91% on Wednesday and Bankrate at 6.80% on Thursday.

Two documented differences sit between those prints. First, timing: PMMS averages rates offered from the prior Thursday through Wednesday, so a Thursday 12 p.m. ET release can lag the weekday sheets lenders post each session. Second, Mortgage News Daily's daily index accounts for upfront costs. Freddie Mac's weekly survey rate does not.

Matthew Graham's September 2 article, Mortgage Rates Approaching 7%, at Mortgage News Daily put the daily move in plain terms: "Bottom line, while the daily index rose into the 6.9's today for the first time in more than year, many borrowers are already seeing rates at 7% or higher." The same article notes that top-tier daily averages are an ideal scenario that rarely exists in the wild. MND's 30-year jumbo print at 7.00% on September 2 sits on that same side of the line.

Bankrate's expert poll for the week of September 3-9, 2026 found 83% of respondents expecting rates up, 17% unchanged, and 0% down. Nicole Rueth wrote: "Rates could still find moments of relief on any peace headline. Yet, until there is a verified and lasting resolution, the path of least resistance with any resurgence remains higher." That is poll-page commentary, not a prediction this site is making.

What does this mean if you are buying or refinancing?

If you are comparing written offers this week, put the 6.71% PMMS figure next to the 6.80% to 6.91% daily prints rather than treating the weekly headline as the rate on a lender sheet. A 0.20 percentage-point gap between 6.71% and 6.91% changes the principal-and-interest payment on the same loan amount. Our mortgage payment calculator can show that difference before you compare APR, points, and fees.

If you are refinancing, a higher weekday quote changes the payment-drop math versus last week's 6.66% weekly print. Set a payment-drop target that covers closing costs, then check same-day written offers against that number.

Treat lock versus float as a risk choice, not a recommendation. Locking removes uncertainty about the final rate. Floating leaves room if pricing improves, and it also leaves you exposed if rates rise before closing. Neither choice guarantees a better outcome.

Disclaimer: this weekly update is for general education. It is not financial advice, and it is not a commitment to lend. Real mortgage offers vary by lender, credit profile, down payment, points and fees, and market conditions.

Sources

  1. Freddie Mac: Primary Mortgage Market Survey (PMMS) as of September 3, 2026 - https://www.freddiemac.com/pmms
  2. Mortgage News Daily: Today's Mortgage Rates - Daily Index (September 2, 2026, 3:08 p.m.) - https://www.mortgagenewsdaily.com/mortgage-rates
  3. Mortgage News Daily: Mortgage Rates Approaching 7% (Matthew Graham, September 2, 2026) - https://www.mortgagenewsdaily.com/markets/mortgage-rates-09022026
  4. Bankrate: Current Mortgage Rates (September 3, 2026, 6:30 a.m.) - https://www.bankrate.com/mortgages/mortgage-rates/
  5. Bankrate: Expert poll for September 3 - September 9, 2026 - https://www.bankrate.com/mortgages/rate-trends/

Frequently asked questions

Why is Freddie Mac's rate lower than Mortgage News Daily this week?

They measure different things on different calendars. Freddie Mac's PMMS as of September 3, 2026 averaged loan rates offered the prior Thursday through Wednesday at 6.71% for 30-year fixed. Mortgage News Daily's daily index as of September 2, 2026 was 6.91%, and that index accounts for upfront costs while the PMMS survey rate does not.

Did mortgage rates go up or down this week?

They went up across the public averages. Freddie Mac's weekly 30-year average rose 0.05 percentage points to 6.71% as of September 3, 2026, from 6.66% last week. Mortgage News Daily's daily 30-year index was 6.91% on September 2. Bankrate's daily 30-year average was 6.80% on September 3, up 0.07 versus last week. These are national averages, not a quote.

Should I lock my mortgage rate now or wait?

Treat lock versus float as a risk choice, not a recommendation. Locking removes uncertainty about the final rate. Floating leaves room if pricing improves, and it also leaves you exposed if rates rise before closing. Ask your lender how long a lock lasts and what a re-lock costs. Neither choice guarantees a better outcome.

When is the next Freddie Mac mortgage rate update?

Freddie Mac releases the Primary Mortgage Market Survey on Thursdays at 12 p.m. ET. The latest print is dated September 3, 2026. The next print is due September 10, 2026. Until then, weekday indexes from Mortgage News Daily and Bankrate will show more of the day-to-day moves.

Why are weekday lender quotes closer to 7% than the 6.71% headline?

Mortgage News Daily's September 2 daily index sat at 6.91% for 30-year fixed, and Matthew Graham wrote that many borrowers are already seeing rates at 7% or higher. Bankrate's September 3 daily average was 6.80%. The 6.71% PMMS figure is a Thursday weekly average, not a live lender sheet.

What do Bankrate's experts expect this week?

Bankrate's expert poll for the week of September 3-9, 2026 found 83% expecting rates up, 17% unchanged, and 0% down. That is a poll of commentators, not a guarantee. Nicole Rueth said rates could still find moments of relief on a peace headline, but she described the path of least resistance as higher until there is a verified and lasting resolution.