Why a mortgage rate lock makes sense this September

September 2026 was not expected to be a month of cooling mortgage rates and more affordable homebuying. Instead, rates have reversed their downward trend, with the average 30-year mortgage interest rate at 6.87% as of September 1, according to Zillow. This is more than a full percentage point higher than six months ago. Despite the elevated rates, there is a strong argument for locking in a mortgage rate in September. Here are three reasons why:

1. The Federal Reserve may raise rates again: There is a 66% chance that the Federal Reserve will hike interest rates when it meets later this month. By locking in a rate now, you protect yourself from a potential rate hike and ensure your budget remains intact. If rates fall before closing, you can always unlock your current rate or refinance in the future.

2. Lenders may raise rates before an official announcement: Even if the Fed raises rates on September 16, lenders may adjust their offers upward before then. Locking in a rate before this happens will save you money and safeguard you from upward rate movements. This could also be the start of a new round of rate hikes throughout the year, so locking in now will prevent you from dealing with this possibility.

3. Knowing your budget: With rates locked in, you can confidently proceed with your homebuying plans, knowing your budget and how much home you can afford. This eliminates the uncertainty of dealing with fluctuating rates and allows you to focus on finding the perfect home. Just be sure to understand your mortgage rate float down options, as they may vary from lender to lender.