Why do mortgage rates not fall when the Fed cuts?

Because a 30-year mortgage is priced off the 10-year Treasury yield, not the overnight rate. If markets expect inflation to stay high, long yields can rise while the Fed cuts, and mortgage rates rise with them.

How often is this number updated?

Freddie Mac publishes the survey every Thursday. Daily rate trackers from lenders move in between; this page shows the survey figure with its date.

30-Year Fixed Mortgage Rate

7.03%

+8 bp vs Sep 17

As of Sep 24, 2026 · Updated weekly · Source: Freddie Mac Primary Mortgage Market Survey, via FRED

30-Year Fixed Mortgage RateSep 30, 2021 – Sep 24, 2026

6.95%

Sep 17, 2026

One year ago

6.26%

+77 bp since

52-week high

7.03%

Sep 24, 2026

52-week low

5.98%

Feb 26, 2026

Related series

15-year fixed: 6.42%Sep 24

What this number is

The average rate lenders quoted on a 30-year fixed mortgage in Freddie Mac's weekly Primary Mortgage Market Survey. It is published every Thursday and covers conforming loans with 20% down; the rate you are offered will differ with your credit, points and lender.

Why it matters

It is the single number that sets what a household can afford to borrow. Mortgage rates follow the 10-year Treasury yield plus a spread, so they move with inflation expectations and the Fed's path, not the Fed's rate directly.

Questions readers ask

Why do mortgage rates not fall when the Fed cuts?: Because a 30-year mortgage is priced off the 10-year Treasury yield, not the overnight rate. If markets expect inflation to stay high, long yields can rise while the Fed cuts, and mortgage rates rise with them.
How often is this number updated?: Freddie Mac publishes the survey every Thursday. Daily rate trackers from lenders move in between; this page shows the survey figure with its date.

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