Homeowners who bought or refinanced when money was cheap have largely stopped asking about a new mortgage. They are asking about the one they already have.
Chart: RateZip · Source: lender-posted rates tracked daily by RateZip.
That shift shows up plainly in RateZip's Mortgage Demand Index, built from the mortgage inquiries consumers submit across our network. Over the three months through August 2026, home-equity products — HELOCs plus reverse mortgages — drew 76% of all inquiries, up from 43% in the same months a year earlier. Refinance, meanwhile, collapsed from 39% of the mix to 2%. Total inquiry volume was 11% higher in August than in July, and 157% above August 2025.
Thursday's pricing explains why refinancing has gone quiet. AmeriSave moved its 30-year fixed to 6.125%, its fourth increase in the past three weeks, leaving that posted rate up half a point over the stretch. Rocket Mortgage went to 7.375% and Wells Fargo to 7.25%, both up a quarter point, with Wells Fargo's 15-year fixed rising to 6.625%. Sixteen more posted rates moved as well. On the refinance side, AmeriSave's 30-year fixed sits at 6.625%. Nationally, the average 30-year fixed stood at 6.95% in the week ending September 17, according to Freddie Mac's Primary Mortgage Market Survey, up from 6.76% a week earlier.
Where lenders disagree more than days do
The day's headline movers are not the biggest number in the table. The gap between the cheapest and most expensive posted 30-year rate in the tracked set is 1.25 points, and on a $400,000 loan that spread works out to roughly $332 a month — larger, on any given morning, than the day-to-day movement of any single lender. Over the past week, the largest single move in the set was Wells Fargo's 7/6 ARM, up 0.375 points.
What moved Thursday was not the bond market. The 10-year Treasury yield, the benchmark long-term mortgage pricing most closely tracks, closed at 4.96% on Tuesday, September 22, per FRED, unchanged from the prior close and down 4 basis points on the week. Adjustments of this size are routine lender-level pricing.
The bigger backdrop is a Fed still tightening. The FOMC voted 12-0 on September 16 to raise the federal funds target range by a quarter point to 3.75%–4%, saying inflation remains elevated while activity expands at a solid pace.
Builders are feeling it. The NAHB/Wells Fargo Housing Market Index fell three points to 32 in September, a three-year low, according to Mortgage News Daily, with 66% of builders reporting sales incentives. KB Home's third-quarter revenue fell 20%; executives told HousingWire's account of the results that cautious buyers stayed on the sidelines amid affordability strain and resale competition.
Cotality chief economist Selma Hepp framed the problem bluntly in a statement last week: "The central challenge is affordability, not leverage,"
As for whether the pressure eases, Mike Fratantoni, chief economist at the Mortgage Bankers Association, offered little: "Housing and mortgage activity slowed abruptly as mortgage rates moved higher over the past several weeks. MBA forecasts two additional hikes from the Fed over the next year and expects mortgage rates to stay near current levels over the forecast horizon,"
Today's posted rates: the full table
| Lender | 30-Yr | 15-Yr | 20-Yr | FHA 30-Yr | VA 30-Yr | Jumbo 30-Yr | 7/6 ARM | HELOC |
|---|---|---|---|---|---|---|---|---|
| AmeriSave | 6.125% / 6.659% (+0.25) | 5.25% / 6.108% (+0.125) | — | — | — | — | — | — |
| New American Funding | 6.75% / 6.866% | 6.125% / 6.316% | — | 6.25% / 7.287% | 6.375% / 6.806% | — | — | — |
| Rocket Mortgage | 7.375% / 7.652% (+0.25) | 6.625% / 7.095% (+0.135) | — | — | — | — | — | — |
| Wells Fargo | 7.25% / 7.414% (+0.25) | 6.625% / 6.863% (+0.25) | — | — | 6.625% / 6.859% (+0.125) | — | 7% / 6.898% (+0.25) | — |
| U.S. Bank | 7.125% / 7.301% (+0.135) | 6.5% / 6.795% (+0.01) | 7.125% / 7.302% (+0.25) | 7.25% / 8.145% (+0.125) | 6.99% / 7.364% (+0.24) | 7.25% / 7.425% | 7.25% / 7.191% | — |
| Bank of America | 7.375% / 7.598% (+0.125) | 6.625% / 6.991% (+0.125) | 7.25% / 7.568% (+0.25) | — | — | — | 6.625% / 6.795% (+0.25) | — |
| Veterans United | — | — | — | — | 6.625% / 7.089% (+0.25) | — | — | — |
| FourLeaf Federal Credit Union | — | — | — | — | — | — | — | 7% / 7% |
Rates are each lender's own published rate as of 9:50 a.m. ET, collected from their public rate pages and feeds. The APR is the better cross-lender comparison; a figure in parentheses is today's change; a '—' means the lender doesn't post that product. How we collect and publish this: our rate methodology.
Source: Freddie Mac Primary Mortgage Market Survey via FRED®, Federal Reserve Bank of St. Louis.