Mortgage Rates Today: 30-Year Average Hits 7.22%
What the September 28, 2026 mortgage market means for Chicago and Chicagoland homebuyers.
Mortgage rates moved higher on September 28, 2026, with the national average 30-year fixed mortgage rate reaching approximately 7.22%, based on published Bankrate data cited by WSJ Buy Side.
For homebuyers in Chicago and throughout Chicagoland, the headline mortgage rate matters—but it does not tell the entire story.
I’m David Braun, Mortgage Loan Officer, NMLS 303007. My goal is to help buyers understand not only where mortgage rates are today, but how credit, down payment, loan program, taxes, insurance, points and overall mortgage strategy can affect the final monthly payment.
Mortgage Rates Today — September 28, 2026
Published national mortgage averages moved higher compared with the previous week. The reported averages included:
| Loan Type | Average Rate | Previous Week |
|---|---|---|
| 30-Year Fixed | 7.22% | 7.12% |
| 15-Year Fixed | 6.60% | 6.49% |
| 5/1 ARM | 6.52% | 6.09% |
| 30-Year Jumbo | 7.31% | 7.20% |
National averages are provided for educational purposes only and do not represent a specific mortgage offer or rate quote. Individual mortgage rates vary based on borrower qualifications, loan program, property type, lender pricing and market conditions.
What Does a 7% Mortgage Market Mean for Chicago Homebuyers?
One of the biggest mistakes a homebuyer can make is assuming that a national mortgage rate automatically determines the rate they will receive.
Your actual mortgage scenario can be influenced by:
- Credit score and credit history
- Down payment amount
- Loan-to-value ratio
- Debt-to-income ratio
- Property type
- Loan amount
- Conventional, FHA, VA or jumbo financing
- Discount points
- Loan term
- Mortgage-backed securities
- 10-year Treasury yield movements
“Don’t just ask, ‘What is the mortgage rate?’ Ask, ‘What is my mortgage strategy?’”
A mortgage decision should include the complete picture—payment, property taxes, homeowners insurance, HOA dues, closing costs, down payment and your long-term financial goals.
What Is Driving Mortgage Rates?
Mortgage rates are influenced by more than just Federal Reserve announcements.
Mortgage rates can respond to:
- Inflation reports
- Employment and jobs data
- 10-year Treasury yields
- Mortgage-backed securities
- Investor expectations
- Economic growth
- Federal Reserve monetary policy
This is why mortgage rates can move even when the Federal Reserve does not change its benchmark interest rate.
Why Mortgage Strategy Matters in Chicagoland
Chicagoland homebuyers have another major factor to consider: property taxes.
Property taxes can vary substantially between Chicago, Cook County, DuPage County, Will County, Kane County, Lake County and surrounding communities.
Homeowners insurance, condominium assessments and HOA dues can also have a meaningful effect on the total monthly housing payment.
That means two homes with the same purchase price can have very different monthly payments.
Mortgage Rate Questions Homebuyers Are Asking
What is the average 30-year mortgage rate today?
On September 28, 2026, published Bankrate national average data showed the 30-year fixed mortgage rate at approximately 7.22%.
Does the Federal Reserve directly control mortgage rates?
No. The Federal Reserve does not directly set consumer mortgage rates. Mortgage rates are influenced by financial markets, including Treasury yields, mortgage-backed securities, inflation expectations and investor demand.
Can my mortgage rate be lower or higher than the national average?
Yes. Mortgage pricing varies based on credit, loan amount, down payment, property type, loan program, discount points and market conditions at the time the loan is priced.
Should buyers wait for mortgage rates to fall?
There is no single answer for every buyer. A buyer should consider affordability, housing needs, monthly payment, available inventory, long-term plans and overall financial position instead of relying only on predictions about future mortgage rates.
Build Your Mortgage Strategy Before You Buy
Buying a home in Chicago or the surrounding suburbs? Understand your payment, financing options and mortgage strategy before making your next move.
VISIT DAVIDBRAUNMLO.COM
David Braun
Mortgage Loan Officer
NMLS 303007
About David Braun
David Braun is a Mortgage Loan Officer serving homebuyers throughout Chicago and the greater Chicagoland area.
His mortgage education focuses on mortgage rates, first-time homebuyers, FHA loans, conventional financing, self-employed borrowers, home affordability and long-term mortgage strategy.
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