As September 2026 arrives, potential homebuyers face an unfamiliar landscape where mortgage interest rates have climbed unexpectedly. Earlier predictions suggested a cooling of rates, spurred by the Federal Reserve’s decisions made last year to reduce interest rates. Contrary to these predictions, the rates rose again. As of September 1, the average rate on a 30-year mortgage stands at 6.87%, according to Zillow. This marks an increase of over a full percentage point compared to six months ago.

Despite such elevated rates, locking in a mortgage interest rate now may prove beneficial. Here are three reasons why:

Why a Mortgage Rate Lock Makes Sense This September

The Federal Reserve May Raise Rates Again: Data from the CME Group’s FedWatch tool indicates a 66% probability of a rate increase when the Federal Reserve meets on September 16. Should the rate go up, today’s seemingly high average might become a relative low. Locking a rate now shields you from any hikes. If rates decrease before closing, options like unlocking your rate or refinancing later remain viable.

Rate Hikes Could Occur Before a Fed Announcement: Lenders might adjust their rates upward even before the Federal Reserve’s official decision. This preemptive action often stems from factors like inflation or employment reports, which can increase the likelihood of future rate hikes. Securing a mortgage rate early can help avoid potential unexpected costs later in the month.

This Could Be the Start of a New Round of Rate Hikes: With upcoming Federal Reserve meetings scheduled for October and December, a rate hike in September might signal the beginning of a series of increases. Locking in your rate now can protect against further hikes, offering certainty and stability in your homebuying process.

The Bottom Line

Though a mortgage rate near 7% might appear steep, the current economic climate may justify the decision to lock it in. Given potential rate hikes and lender tendencies to adjust offers in anticipation, securing a rate might safeguard your budget. Ensure to check your mortgage rate float down options, as they vary across lenders, in case rates unexpectedly reverse.