Why a mortgage rate lock makes sense this September

September 2026 was supposed to be a month in which mortgage interest rates were cooling and homebuying was more affordable. That was the hope earlier in the year after the Federal Reserve reduced interest rates three times in the final four months of 2025. The reality, however, is that rates reversed the downward trend they had been on last year. As of September 1, the average mortgage interest rate is 6.87% on a 30-year mortgage, according to Zillow. That’s more than a full percentage point above where it sat just six months ago.

At the same time, there’s a compelling case to be made for locking that rate in now anyway. Whether it be 6.87% or something lower found by thoroughly researching your mortgage rate options, a rate lock makes a lot of sense this September. And that’s true even in today’s elevated rate climate. Below, we’ll detail three reasons why this could be the move to make for buyers.

Start by seeing how low your current mortgage rate offers are here.

Why a mortgage rate lock makes sense this September

Locking in a mortgage interest rate this September, as imperfect as today’s rates are, can still make sense. Here’s why:

The Federal Reserve may raise rates again

There’s a very good chance that the Federal Reserve will hike interest rates when it meets later this month. With a 66% likelihood that the bank raises rates on September 16, according to the CME Group’s FedWatch tool, today’s “high” average mortgage rate can easily become tomorrow’s “low” one. 

By locking in a rate now, however, you’ll protect yourself from a potential rate hike later this month. And, if rates fall before closing, you can always unlock your current rate then, or you can simply look to refinance in the future. Letting today’s rates pass you by, however, could be an expensive mistake that could sideline your homebuying plans for the foreseeable future.

Learn more about your mortgage rate lock options now.

Rate hikes could occur before a Fed announcement

Just because the Fed will likely raise rates on September 16 doesn’t mean that lenders will wait until then to adjust their offers to borrowers upward. Many will do so before a Fed rate hike is even made official, especially if inflation or unemployment reports released before the Fed meeting further increase the likelihood of a Fed rate hike mid-month. Locking in a mortgage rate before that happens, then, will save you money and protect you from any upward rate movement to come later in the month, even potentially before the Fed even finishes its two-day meeting.

This could be the start of a new round of rate hikes

A September Fed rate hike may not be the only one this year. With the bank still scheduled to meet in October and December, an increase this month could be the start of a new round of rate hikes versus an anomaly that borrowers can easily circumvent. Locking in a rate will prevent you from having to deal with that possibility, however. And it will allow you to proceed with your homebuying plans by knowing your budget and how much home you can actually afford.

The bottom line

Locking in a mortgage rate close to 7% may not feel strategic or cost-effective, especially considering how low rates here were both earlier this year and earlier in the decade. But with the chances of a Fed rate hike later this month not insignificant, the reality that lenders could raise their rate offers before that’s even made official and the understanding that, far from an outlier, a September Fed rate hike could mark the start of a new round of rate hikes, it may make sense to seriously consider right now. Just be sure to understand your mortgage rate float down options, in case rates somehow reverse course, as they’ll differ from lender to lender.