The Quick Read: Do your lender shopping in a single week, and do it first. As of September 28, 2026, Freddie Mac’s weekly survey has risen four straight weeks. Quotes gathered a month apart mostly measure the market’s move, not the lender’s price. Talk to a handful of reputable lenders, compare what they say the same week, then go find your agent.
Key Takeaways
- Freddie Mac’s survey has climbed four weeks in a row, with the biggest single-week jump coming in the week of September 17, 2026.
- A quote is a snapshot of one day. Two quotes from different weeks are not a fair comparison while rates are rising.
- A short shopping window separates real lender differences from market drift.
- Existing-home supply is the most generous in years, so buyers have room to negotiate. They don’t need to rush into a house before the financing is lined up.
- Stop shopping once you know where the market sits. More quotes past that point add noise, not savings.
What Changed: Four Weeks Up
Start with the trend. Freddie Mac’s survey put the 30-year fixed at 6.71% for the week of September 3, 2026, up from 6.66% the week before. The September 10 release showed 6.76%. The September 17 release showed 6.95%, a jump of 19 basis points and the biggest one-week move of the month. A basis point is one-hundredth of a percentage point.
Then came the latest print. Freddie Mac’s survey put the 30-year fixed at 7.03% as of September 24, up 8 basis points from the prior week. That is 73 basis points above the 6.30% average a year earlier. By my own reading of the four weekly figures, it is the first average above 7% in this series. I haven’t checked that against earlier years.
Other gauges sit higher. The Mortgage Bankers Association’s weekly survey measured its 30-year contract rate for conforming balances at 7.12% for the week ending September 18, up from 6.97%, per the MBA’s September 23 release. Mortgage News Daily’s index showed the 30-year fixed at 7.43% on September 25, 2026.
Those three numbers differ because the methods differ. Freddie’s is a weekly average. The MBA’s is a survey measure. Mortgage News Daily’s is a daily index. None of them is a lender’s rate sheet, and none is a quote.
The Fed added to the noise. On September 16, it raised its target range by 25 basis points to 3-3/4 to 4 percent. That followed a hold in July. Mortgage rates track longer-term yields, not the Fed’s short rate directly. Those yields were already climbing, and the 10-year Treasury sits at multi-year highs.
Why Does the One-Week Window Matter?
Quotes are snapshots. A lender’s price on Tuesday is not its price three weeks later. In a rising market, the gap between an early quote and a late one comes mostly from the market, not from the lender.
Here is a plain hypothetical. Say you collect one quote in early September and another in late September. The second one looks worse, so you assume lender two is pricier. You may have learned nothing about lender two. You learned what four weeks of selling in the bond market did.
The method note on Freddie’s own page makes a related point. Its survey averages loan rates offered from the prior Thursday through Wednesday. It lags the daily market. So it can understate where quotes stand today, and it is not the number any buyer will be handed.
There’s one more catch. Freddie’s survey targets conventional conforming purchase loans for borrowers with 20% down and excellent credit. If your file looks different, the survey is a compass, not a map. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Freddie Mac’s chief economist said on September 10 that shopping around and getting multiple quotes can potentially save buyers thousands. I agree. But the shopping only works if the comparison is clean. Gather your quotes around the same time and on the same loan terms, since timing and pricing vary by file and lender.
What It Means for Home Buyers
The buyer’s position is better than the headline prices suggest. Existing-home sales fell 2.0% in August from July, per NAR’s report of September 10. Inventory stood at 1.62 million units, which is 4.9 months of supply. The median existing-home price was $429,100, up 1.6% from a year earlier. NAR’s affordability index, by the same report, improved from a year ago, to 104.7 from 101.2.
That is a market with room to negotiate. You are not bidding against a crowd on every listing. So there is no reason to sign a contract before you know your financing.
The demand side is soft too. For the week ending September 18, the MBA reported that the seasonally adjusted Purchase Index fell 1%. The unadjusted index was 11% below a year earlier. Refinance applications were 62% below a year earlier.
New construction tells a similar story. Census reported August new-home sales at an annual rate of 684,000, with 8.5 months of supply and a median price of $393,700. The monthly change was not statistically significant, per Inman’s report of September 25. The same report cites NAHB and a large national bank survey data: 38% of builders cut prices in September and 66% used incentives. Builders often buy down financing costs. That is one more reason to have clean, comparable quotes in hand first.
Where Most Buyers Get It Wrong
Most buyers call an agent first, find a house they love, and then scramble for financing. The deadline in the contract does the shopping for them. That is the wrong order.
Another common mistake is shopping slowly. A buyer takes a quote in September, waits for a few listings, takes another in October, and picks the better number. The better number is probably just the lower-rate week. A few misreadings are worth clearing up.
“Freddie’s number is the rate I’ll get.” It isn’t. It is a lagging weekly average across many loans. Your own quote depends on your file, the loan type, and the day.
“The Fed hike made mortgage rates jump.” Not directly. Coverage attributes the climb to inflation, deficits and oil. Long-term yields were climbing before and after the September 16 meeting.
“Home prices are falling, so I’ll wait.” NAR’s median existing-home price is still up 1.6% from a year ago. Waiting for a price drop is a bet, not a plan.
“Applications rose, so demand is back.” The MBA’s unadjusted figure was lifted by a holiday adjustment. The seasonally adjusted Purchase Index fell.
My Take
Shopping for a mortgage is one job with a short clock. Shopping for a house is a different job with a longer one. Mixing them up costs people money.
I think the week matters more than the number of lenders. Three to five reputable lenders, contacted in the same stretch, will tell you more than ten contacted over two months. Past that, you are collecting paper.
I also think buyers overweight the weekly headlines. A four-week climb feels like a countdown. It isn’t one. Nobody knows where rates go next. One source cited by Advisor Perspectives says markets price one more Fed hike in December. Whether the bond market already reflects that is an open question. I won’t pretend to settle it.
What you control is the comparison. If rates move against you next week, a clean set of quotes from this week still tells you which lender priced your file best on the day you asked. That is worth having.
One more opinion. Big retail lenders, credit unions, online lenders and brokers all belong in the mix. A broker, which is what I am, compares several lenders on your behalf. But the point stands no matter who you call: same week, same loan type, same assumptions.
What I’d Do Now
Before the week starts. Pull your credit reports and fix errors. Gather pay records, bank statements, traditional personal-income documentation and a list of debts. If you’re self-employed, read my piece on reducing debt before a 1099-only or P&L mortgage. If you earn on deposits rather than a paycheck, see how bank-statement programs work. Decide which loan type you want, so every lender quotes the same thing.
Early in the week. Contact a handful of lenders. Mix types: a big retail lender, a credit union, an online lender, and a broker. Ask each for a written Loan Estimate on the same loan type, with the same assumptions about price, down payment and lock period. If you want to see the range of programs that might fit, start with our loan options, which carry the current guidelines and are subject to lender guidelines.
Midweek. Compare the Loan Estimates line by line. Look at the rate and the fees, and ask how much the quote depends on paying points. A lower rate that costs more upfront is a different product, not a better one. Ask each lender for the same lock period, so the quotes line up.
End of the week. Decide, and stop shopping. You now know where the market is and who priced your file well. Once you’re under contract and happy with the quote, lock. A lock is a lender’s commitment to hold your quoted terms for a set period. If you float instead, you take on the risk that rates move against you. With four straight weekly increases behind us, I’d think hard before floating. If you like it, lock it.
Then call the agent. Show up with your quotes done and your financing understood. A good agent will work with that. You will make offers with a clear budget, and you won’t feel pushed toward a preferred lender you haven’t compared.
If you’re weighing a purchase or a refinance this fall, Lendmire can walk you through how the current programs fit your file. You can reach the team at 828-256-2183 or request a quote.
What Are the Open Questions?
A few things remain unsettled, and I won’t paper over them.
First, the Fed’s path. The projections materials are at the Federal Reserve. The market’s read on more hikes is not settled.
Second, demand. Existing-home sales are falling while new-home sales rose. Census revised July up to 643,000 from 607,000, and it does not consider the August change significant. So the new-home picture is murky.
Third, the next data. NAR’s next existing-home sales release is scheduled for October 13. That report will show whether the soft August was a blip.
None of that changes the advice. A short window works in any direction.
For the end-to-end picture of how these loans work — qualification, structures, and the full process — see Lendmire’s complete DSCR loans guide.
Frequently Asked Questions
How many mortgage quotes should I get?
A handful is enough. Three to five reputable lenders, all contacted in the same week, will show you the spread. Beyond that you add effort without adding much information. Quality and comparability matter more than volume.
Do multiple mortgage applications hurt my credit?
Credit scoring models generally treat mortgage inquiries made close together as a single shopping event. That is why a tight window is sensible for credit as well as for pricing. Ask each lender how it handles the credit pull, since practices vary, and check the current scoring rules with them.
Should I talk to a realtor or a lender first?
Talk to lenders first. You’ll learn your budget and your loan options before you fall for a house. Existing-home supply stood at 4.9 months in August, per NAR’s September 10 report, so you have time to get financing sorted before you start touring.
Is Freddie Mac’s weekly rate what lenders will quote me?
No. It is a lagging weekly average of loan rates offered, and it targets a specific kind of borrower and loan. Your quote depends on your credit, the loan type, the lock period and the day you ask. Use the survey to see direction, not to predict your own number.
When should I lock?
When you like the quote and you’re under contract, lock. A lock holds your quoted terms for a set period, and floating leaves you exposed if rates keep climbing. Ask your lender about lock periods and any cost attached. I can’t tell you where rates go next, and neither can anyone else.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage whose founder writes this column. DSCR investor programs reach 41 markets, including Washington, D.C.; consumer programs such as bank statement, HELOC and down payment assistance loans are arranged in 16 states; every loan is placed with, and underwritten by, a wholesale lender under that lender’s guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Freddie Mac Primary Mortgage Market Survey
2. Freddie Mac release, week of September 3, 2026
3. MBA Weekly Applications Survey, September 23, 2026
4. Federal Reserve implementation note, September 16, 2026
5. Freddie Mac release, week of September 10, 2026
6. NAR existing-home sales report, August 2026
7. Inman on August new-home sales, September 25, 2026
8. NAR existing-home sales statistics
This article is part of Lendmire’s Mortgage News series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Why A Local Real Estate Broker Matters As Buyers Gain Leverage, September 2026? · September 2026: Buyers Need A Real Estate Agent As Supply Grows, Rates Climb · Listing Your Home For Sale This Fall As Inventory Climbs And Rates Rise
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.