Why a mortgage rate lock makes sense this September

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September 1, 2026 / 2:54 PM EDT / CBS News

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…

Original source: https://www.cbsnews.com/moneywatch/