Mortgage Rates Today, September 4, 2026: 6.71% Holds as Jobs Report Could Move Rates Next

Mortgage rates today, September 4, 2026, are sitting near their highest levels in more than a year as homebuyers face one more major test: the August U.S. jobs report.

Freddie Mac’s latest weekly average shows the 30-year fixed mortgage at 6.71%, up from 6.66% a week earlier. The 15-year fixed mortgage rose to 6.04% from 5.98%. A year ago, those rates were 6.50% and 5.60%, respectively, according to Freddie Mac data.

For borrowers, however, 6.71% is only the starting point. The bigger question Friday is what the jobs report does to Treasury yields, expectations for the Federal Reserve and, ultimately, the mortgage rates lenders offer next.

The latest national rate readings are not identical because mortgage surveys use different lenders, borrowers and methods. Early Friday data show:

• Freddie Mac 30-year fixed weekly average: 6.71%
• Freddie Mac 15-year fixed weekly average: 6.04%
• Zillow 30-year fixed purchase average: 6.71%
• Zillow 15-year fixed purchase average: 6.14%
• Zillow 5/1 ARM average: 7.03%
• Zillow 7/1 ARM average: 6.50%
• Zillow 30-year VA average: 6.24%

The Zillow figures reported Friday showed the 30-year fixed rate up 2 basis points from Thursday, while the 5/1 adjustable-rate mortgage jumped 39 basis points to 7.03%. That puts some ARM offers above conventional fixed rates, removing one of the main reasons borrowers normally consider an adjustable loan.

The next move could come quickly.

The BLS jobs report for August is scheduled for 8:30 a.m. Eastern Time Friday. Economists surveyed by Reuters expect payrolls to rise by about 56,000 after the economy lost 23,000 jobs in July. The unemployment rate is expected to remain around 4.1%.

That matters for mortgages because a surprise in the jobs data could move the bond market within minutes.

A much stronger jobs report could renew concern that the economy is running strongly enough for the Fed to raise interest rates. That could push Treasury yields higher and put fresh upward pressure on mortgage rates. A weaker report could do the opposite if investors respond by buying Treasurys and lowering yields.

Mortgage rates do not move directly with the Federal Reserve’s policy rate. They are more closely tied to longer-term bond yields, particularly the 10-year Treasury, along with mortgage-backed security prices and lender costs.

The official Treasury data show just how much pressure remains in the bond market:

• 2-year Treasury yield on September 3: 4.34%
• 5-year Treasury yield: 4.52%
• 10-year Treasury yield: 4.77%
• 20-year Treasury yield: 5.25%
• 30-year Treasury yield: 5.25%

The 10-year yield had been 4.79% on both September 1 and September 2 before easing slightly Thursday. That small pullback helped calm mortgage markets, but yields remain high enough to keep borrowing costs under pressure.

Read Next: Mortgage Rates Today, September 3, 2026

The Fed outlook has also become less clear.

Federal Reserve Governor Christopher Waller said Thursday that he could support leaving rates unchanged at the September 15–16 meeting if new inflation data confirms that price pressures are easing. If inflation comes in stronger, however, Waller said he would consider a rate increase. His official Fed remarks said recent inflation numbers finally show signs of disinflation.

Markets reacted immediately. The estimated probability of a September rate increase fell to roughly 50%, after reaching more than 60% earlier in the week.

That puts Friday’s jobs report in an unusual position. It matters, but inflation may matter even more.

Waller said he expects the labor market to remain relatively stable and indicated that August inflation data will have greater influence on his September decision. The Consumer Price Index for August is scheduled for September 11, only days before the Fed meeting.

For mortgage borrowers, that means rate volatility may not end after Friday morning. The jobs report can move Treasurys immediately, but the next inflation report could determine whether those moves last.

Refinancing is also getting more attention as rates move around. One September 4 national data set from Mortgage Research Center showed:

• 30-year conventional refinance: 6.816%
• 20-year conventional refinance: 6.668%
• 15-year conventional refinance: 5.921%
• 10-year conventional refinance: 5.816%
• 30-year FHA refinance: 6.136%
• 30-year VA refinance: 6.253%

Those are averages, not guaranteed borrower offers. Credit score, home equity, loan size, location, points and lender fees can change the rate substantially.

A homeowner with a mortgage well below today’s rates generally has little reason to refinance simply to lower the interest rate. But refinancing can still make sense for some borrowers who are shortening their loan term, removing mortgage insurance, changing loan types or accessing equity. Closing costs have to be included when deciding whether the savings are worth it.

Buyers should also avoid assuming that the 6.71% Freddie Mac figure is the exact rate they will receive. It is a broad weekly market benchmark. Actual lender quotes can move during the day, especially after an economic release as important as Friday’s jobs report.

Borrowers can use our mortgage rate guide to understand how credit, points, loan terms and Treasury yields can change an individual quote.

The key chain to watch Friday is simple: jobs data moves expectations, expectations move Treasury yields, Treasury yields influence mortgage markets, and lenders then adjust the rates offered to borrowers.

For anyone shopping for a home or considering a refinance, that makes September 4 a day when comparing several lenders and checking rates again after the jobs report could matter more than focusing on one national average.

Read Next: Mortgage Rates Today, September 2, 2026

For now, the clearest benchmark remains 6.71% for Freddie Mac’s 30-year fixed mortgage. But with the 10-year Treasury still near 4.8%, the Fed divided over its next move and two major economic reports arriving before the September meeting, mortgage rates remain vulnerable to another fast change.