08/31/2026
Key takeaways
The average daily 30-year, fixed-rate mortgage rate rose to 6.87% on Monday, its highest level of 2026, according to Mortgage News Daily.
Increase came after Federal Reserve Chair Kevin Warsh warned that inflation progress has been only “modest.”
Experts say concerns about persistent inflation, including pressure from the conflict in the Middle East, are pushing longer-term borrowing costs higher and may continue to affect mortgage rates.
After a relatively calm August in the mortgage market, borrowing costs soared to their highest average in 2026 on Monday.
The 30-year, fixed-rate mortgage averaged 6.87% by the afternoon, according to Mortgage News Daily. That's six basis points higher than Friday's average, which was already a three-week high.
The 15-year, fixed-rate mortgage had also climbed, averaging 6.38% by the end of the day on Monday.