Buyers often face the challenge of fluctuating mortgage interest rates. With the potential for rates to climb, considering a mortgage rate lock might be a wise move. As of September 1, 2026, the average mortgage interest rate on a 30-year mortgage stands at 6.87%, according to Zillow.
While this number is higher compared to six months ago, securing a rate now could offer protection from potential hikes. Even with elevated rates, a mortgage rate lock could be beneficial. Here are three critical reasons why locking in your mortgage rate this September could be advantageous.
Reasons to Consider a Mortgage Rate Lock
The Federal Reserve’s Potential Rate Increase: The Federal Reserve may increase interest rates soon, with a 66% likelihood of a rate hike on September 16, according to CME Group’s FedWatch tool. Locking a rate now shields you from potential increases and provides the option to refinance if rates drop.
Pre-Fed Announcement Rate Hikes: Lenders might raise mortgage rates before the Federal Reserve officially announces their decision. Influences like inflation or unemployment reports can prompt lenders to adjust rates preemptively. Securing a rate early protects against these potential pre-announcement adjustments.
Potential New Round of Rate Hikes: The September rate hike may not be an isolated event, with further hikes possible in October and December. Locking in your rate now could shield you from this series of increases, enabling you to proceed confidently with your homebuying plans.
Final Thoughts
While locking in a mortgage rate near 7% might not seem ideal, the chances of rate hikes in the near future make it a strategic choice. Be sure to explore your mortgage rate float down options, as they can vary between lenders. Understanding these options can ensure you make the best decision for your circumstances.