If you bought a home in 2021 and locked in a mortgage rate around 3%, your monthly payment may look surprisingly affordable compared with what a buyer would face today. Mortgage rates fell below 3% during parts of 2021, creating an unusually favorable borrowing environment that millions of homeowners still benefit from.
By September 17, 2026, Bankrate reported an average 30-year fixed mortgage rate of 7.06%, dramatically changing the math even before considering higher home prices. Understanding mortgage costs today helps explain why many homeowners are reluctant to sell and why buyers can feel squeezed even when home prices soften.
