Mortgage rates today after Fed hike: Why US home loan rates may stay above 7%

Mortgage rates today are above 7% after the Fed rate hike. See the latest 30-year and 15-year US mortgage rates and why home loan rates may stay high.

The Federal Reserve raised its interest rate this week, marking its first rate hike in more than three years. The Fed’s target rate is now 3.75% to 4%. The central bank is trying to control inflation, which has stayed above its 2% target in recent months.

The latest Fed hike could be the start of more rate increases, rather than a one-time move. CBS News said further hikes could come if unemployment stays steady and inflation continues to rise. The Fed’s decision affects both borrowers and savers. Higher rates can increase borrowing costs for loans and credit cards, while people who save money can benefit from higher returns.

Mortgage rates do not move directly with the Fed’s policy rate. However, the Fed’s decisions can influence broader borrowing costs and financial markets, which can affect mortgage rates. Mortgage rates have already moved sharply higher this year.

Mortgage rates fell by more than 1 percentage point during 2025 after reaching their highest level since 2000 in 2023, according to CBS News. Mortgage rates were also below 6% earlier in 2026. Geopolitical tensions later pushed inflation higher, contributing to a rise in interest rates and mortgage costs.

Today’s mortgage rates are above 7% for a typical 30-year home loan. The average 30-year mortgage rate is 7.37% as of September 17, 2026. The average 15-year mortgage rate is 6.62%, according to Zillow.

The current 30-year mortgage rate is close to the rate seen after the Fed’s previous rate hike in August 2023. At that time, the average rate was 7.31%, according to figures cited by CBS News.