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You are here: Home / Blog / Market Trends

Mortgage rates likely to stay near 7% after rate hike

September 16, 2026 by Russ

Mortgage Interest Rates

The Federal Reserve raised its benchmark short-term interest rate by a quarter percentage point today. The unanimous decision — the first rate increase since July 2023 — reflects continued concern about inflation, which rose 3.4% annually in August. Most Fed officials expect at least one more increase this year.

The Fed’s rate does not directly determine mortgage rates. Instead, mortgage rates tend to follow longer-term bond yields, particularly the 10-year Treasury. Inflation concerns recently pushed that yield to its highest level in 19 years, helping drive average 30-year mortgage rates above 7%.

The immediate response from mortgage rates will depend largely on how bond investors interpret the Fed’s action. If investors believe the rate increase demonstrates a credible commitment to controlling inflation, Treasury yields—and eventually mortgage rates—could stabilize or decline. However, continued inflation, elevated oil prices and concerns about federal deficits could keep long-term borrowing costs high.

The outlook for meaningful mortgage-rate relief remains uncertain. Economists warn that rates may stay near 7% for some time, slowing home purchases and refinancing through the remainder of 2026. Rates could eventually decline if oil prices retreat, inflation improves, government borrowing concerns ease or productivity growth strengthens, but those developments may take time.

Filed Under: Market Trends Tagged With: Interest Rates

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"We had a great experience working with Russ Fortuno. After having a less than ideal experience with another real estate agent, we chose Russ to sell our home. We were very happy with his knowledge of the real estate market in our community of Quail Creek. He was very professional, and he never gave us unrealistic expectations. Russ was attentive to detail whether it be answering all our questions or having our house look perfect for photos. He was there for us until our house closed and we could not be more thankful for all his help and expertise."
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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