The Fed Raised Rates — Did Your Mortgage Rate Just Go Up?

The Federal Reserve raised its benchmark federal funds rate by 0.25 percentage point on September 16, 2026, bringing its target range to 3.75%–4.00%.

For homebuyers, that immediately raises an important question:

Does that mean mortgage rates just went up 0.25% too?

Not necessarily.

The federal funds rate and mortgage rates are two different things. The Federal Reserve does not directly set the mortgage rate you receive when buying a home.

Mortgage rates are influenced by a combination of factors, including the bond market, inflation expectations, economic conditions and the individual borrower's financial profile.

Where Are Mortgage Rates Now?

According to Freddie Mac's September 17, 2026 Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate is 6.95%, up from 6.76% the previous week.

The average 15-year fixed rate is 6.26%.

These are national averages. The actual rate available to an individual buyer can be different depending on the loan program, credit profile, down payment, lender and other factors.

What Does This Mean for Metro Detroit Buyers?

Don't make a home-buying decision based on one Federal Reserve headline.

The better question is:

What does the entire deal look like?

Interest rate matters, but so do the home's purchase price, seller concessions, available inventory, competition from other buyers and your monthly payment.

As market conditions change, opportunities can sometimes appear in places buyers aren't expecting them.

If you're considering buying or selling a home in Metro Detroit, understanding how all these pieces work together is more important than watching any single number.

Caleb Bonderenka
SoldByCaleb.com

Sources: Federal Reserve, September 16, 2026 FOMC statement; Freddie Mac Primary Mortgage Market Survey, September 17, 2026.