Mitir Patel/Insights/September 21, 2026
Rates jumped to 6.95%. Re-run your pre-approval.
Last week I said mortgage rates had edged up. This week they moved more. The average 30-year rate rose to 6.95% as of September 17, up from 6.76% a week earlier and 6.26% a year ago.
On a $426,000 home, which is about the typical Chicago sale price, with 20% down, that's roughly $43 more a month than a week ago and $155 more than last September.
City prices haven't come down to make up for it. In August, homes still sold for about 1% above asking on average.
That's a tougher mix for buyers, and it's fair to say so. If you got pre-approved a few weeks ago, ask your lender to re-run your numbers at today's rate before you write an offer, so your budget reflects where things stand now.
Want to talk through what this means for your search? Just ask.
Where the numbers come from
- 30-year fixed mortgage rate — 6.95%; prior week 6.76%; year ago 6.26% (as of Sept 17, 2026 (Freddie Mac PMMS weekly release)) · Freddie Mac PMMS
- Typical Chicago sale price ("about $426,000") — Median sale price $426,255, +9.3% YoY (as of Three months ending August 2026) · Redfin Chicago housing market page
- "About 1% above asking" — Sale-to-list 101.4%, +1.5 pts YoY (as of August 2026) · Redfin, same page
- "$43 more a month" / "$155 more" — Illustration, not a market statistic. Principal + interest, 30-year term, on an 80% loan ($341,004) against the $426,255 median: $2,257.27 at 6.95%, $2,214.01 at 6.76%, $2,101.84 at 6.26%. Differences: $43.26 and $155.43. Excludes taxes and insurance. (as of Computed Sept 21, 2026 from the figures above) · —
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