Mitir Patel/Insights/September 24, 2026
Mortgage rates passed 7%. Here's what that means for a payment.
The average 30-year mortgage rate is now 7.03%, as of September 24. That's up from 6.95% a week ago and 6.30% a year ago.
The weekly change is small. On a typical Cook County home, about $384,000 in August, with 20% down, it adds roughly $16 a month. The yearly change is the one to notice: the same loan costs about $148 more every month than it would have last September.
Prices haven't eased to make up for it. In August, Cook County homes sold for 5.1% more than a year earlier, and 43% went for more than the asking price.
So yes, this is a harder moment to buy. That isn't a reason to rush or to wait. It's a reason to set your budget around today's payment, not last year's.
Want to run your own numbers? I'm happy to help.
Where the numbers come from
- 30-year fixed mortgage rate — 7.03%; prior week 6.95%; year ago 6.30% (as of Week of Sept 24, 2026) · Freddie Mac Primary Mortgage Market Survey
- Typical Cook County home price — Median sale price $383,716 (as of August 2026) · Redfin, Cook County Housing Market Update: August 2026
- Price change from a year earlier — +5.1% (as of August 2026) · Redfin, same report
- Share of homes sold above asking price — 43.2% (as of August 2026) · Redfin, same report
- "$16 a month" / "$148 more every month" — Computed illustration, not a market statistic: principal and interest only, 30-year term, 80% loan ($306,973) on the $383,716 median. $2,048.49 at 7.03%, $2,032.00 at 6.95%, $1,900.08 at 6.30%. Excludes taxes and insurance. (as of Computed Sept 24, 2026) · —
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