Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

September 2021 Employment Cost Index

Compensation costs for civilian workers increased 1.3 percent, seasonally adjusted, for the 3-month period ending in September 2021, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.5 percent and…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

THE PRIMARY SOURCE

Read the release

Original source →

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Compensation costs for civilian workers increased 1.3 percent, seasonally adjusted, for the 3-month period ending in September 2021, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.5 percent and benefit costs increased 0.9 percent from June 2021. (See tables A, 1, 2, and 3.)

Compensation costs for civilian workers increased 3.7 percent for the 12-month period ending in September 2021 and increased 2.4 percent in September 2020. Wages and salaries increased 4.2 percent for the 12-month period ending in September 2021 and increased 2.5 percent for the 12-month period ending in September 2020. Benefit costs increased 2.5 percent over the year and increased 2.3 percent for the 12-month period ending in September 2020. (See tables A, 4, 8, and 12.)

Compensation costs for private industry workers increased 4.1 percent over the year. In September 2020, the increase was 2.4 percent. Wages and salaries increased 4.6 percent for the 12-month period ending in September 2021 and increased 2.7 percent in September 2020. The cost of benefits increased 2.6 percent for the 12-month period ending in September 2021 and increased 2.0 percent in September 2020. (See tables A, 5, 9, and 12.)

Employer costs for health benefits of private industry workers increased 0.4 percent for the 12-month period ending in September 2021.(See www.bls.gov/ncs/ect/data.htm.)

Among private industry occupational groups, compensation cost increases for the 12-month period ending in September 2021 ranged from 3.2 percent for management, professional, and related occupations to 6.1 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 3.0 percent for construction to 6.9 percent for leisure and hospitality. (See table 5.)

Compensation costs for state and local government workers increased 2.3 percent for the 12-month period ending in September 2021, compared with an increase of 2.3 percent in September 2020. Wages and salaries increased 2.4 percent for the 12-month period ending in September 2021 and 1.8 percent a year ago. Benefit costs increased 2.1 percent for the 12-month period ending in September 2021. The prior year increase was 3.2 percent. (See tables A, 7, 11, and 12.)

Coronavirus (COVID-19) Pandemic Impact on the September 2021 Employment Cost Index Response rates for September were comparable with prior releases and no changes in estimation procedures were necessary. Additional information is available at www.bls.gov/covid19/home.htm.

Source: U.S. Bureau of Labor Statistics · Original release Oct 29, 2021.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read compensation costs separately from job growth

The Employment Cost Index tracks changes in employers’ hourly compensation costs, including wages, salaries and benefits. Its fixed employment weights limit the effect of shifts between industries and occupations; it does not count newly created jobs. Compare wage and benefit components, and check whether the quoted change is for three months or twelve months and whether it is seasonally adjusted. Compensation trends are one part of the inflation and policy picture, without determining a particular mortgage rate. BLS Employment Cost Index.

Nearest published observation on or before each target date
Benchmark30 days earlierSep 29, 2021Publication referenceOct 29, 202130 days laterNov 28, 2021
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®2.88%Observed 3.14%Observed +26 bps vs. earlier reference3.10%Observed −4 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury1.55%Observed 1.55%Observed Unchanged vs. earlier reference1.48%Observed −7 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jul 29, 2021 – Jan 29, 2022
Historical mortgage and Treasury observations around Oct 29, 2021Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.1.00%2.50%4.00%Publication date30-year fixed mortgage: 2.80% · Jul 29, 202130-year fixed mortgage: 2.77% · Aug 5, 202130-year fixed mortgage: 2.87% · Aug 12, 202130-year fixed mortgage: 2.86% · Aug 19, 202130-year fixed mortgage: 2.87% · Aug 26, 202130-year fixed mortgage: 2.87% · Sep 2, 202130-year fixed mortgage: 2.88% · Sep 9, 202130-year fixed mortgage: 2.86% · Sep 16, 202130-year fixed mortgage: 2.88% · Sep 23, 202130-year fixed mortgage: 3.01% · Sep 30, 202130-year fixed mortgage: 2.99% · Oct 7, 202130-year fixed mortgage: 3.05% · Oct 14, 202130-year fixed mortgage: 3.09% · Oct 21, 202130-year fixed mortgage: 3.14% · Oct 28, 202130-year fixed mortgage: 3.09% · Nov 4, 202130-year fixed mortgage: 2.98% · Nov 10, 202130-year fixed mortgage: 3.10% · Nov 18, 202130-year fixed mortgage: 3.10% · Nov 24, 202130-year fixed mortgage: 3.11% · Dec 2, 202130-year fixed mortgage: 3.10% · Dec 9, 202130-year fixed mortgage: 3.12% · Dec 16, 202130-year fixed mortgage: 3.05% · Dec 23, 202130-year fixed mortgage: 3.11% · Dec 30, 202130-year fixed mortgage: 3.22% · Jan 6, 202230-year fixed mortgage: 3.45% · Jan 13, 202230-year fixed mortgage: 3.56% · Jan 20, 202230-year fixed mortgage: 3.55% · Jan 27, 202210-year Treasury: 1.28% · Jul 29, 202110-year Treasury: 1.24% · Jul 30, 202110-year Treasury: 1.20% · Aug 2, 202110-year Treasury: 1.19% · Aug 3, 202110-year Treasury: 1.19% · Aug 4, 202110-year Treasury: 1.23% · Aug 5, 202110-year Treasury: 1.31% · Aug 6, 202110-year Treasury: 1.33% · Aug 9, 202110-year Treasury: 1.36% · Aug 10, 202110-year Treasury: 1.35% · Aug 11, 202110-year Treasury: 1.36% · Aug 12, 202110-year Treasury: 1.29% · Aug 13, 202110-year Treasury: 1.26% · Aug 16, 202110-year Treasury: 1.26% · Aug 17, 202110-year Treasury: 1.27% · Aug 18, 202110-year Treasury: 1.24% · Aug 19, 202110-year Treasury: 1.26% · Aug 20, 202110-year Treasury: 1.25% · Aug 23, 202110-year Treasury: 1.29% · Aug 24, 202110-year Treasury: 1.35% · Aug 25, 202110-year Treasury: 1.34% · Aug 26, 202110-year Treasury: 1.31% · Aug 27, 202110-year Treasury: 1.29% · Aug 30, 202110-year Treasury: 1.30% · Aug 31, 202110-year Treasury: 1.31% · Sep 1, 202110-year Treasury: 1.29% · Sep 2, 202110-year Treasury: 1.33% · Sep 3, 202110-year Treasury: 1.38% · Sep 7, 202110-year Treasury: 1.35% · Sep 8, 202110-year Treasury: 1.30% · Sep 9, 202110-year Treasury: 1.35% · Sep 10, 202110-year Treasury: 1.33% · Sep 13, 202110-year Treasury: 1.28% · Sep 14, 202110-year Treasury: 1.31% · Sep 15, 202110-year Treasury: 1.34% · Sep 16, 202110-year Treasury: 1.37% · Sep 17, 202110-year Treasury: 1.31% · Sep 20, 202110-year Treasury: 1.33% · Sep 21, 202110-year Treasury: 1.32% · Sep 22, 202110-year Treasury: 1.41% · Sep 23, 202110-year Treasury: 1.47% · Sep 24, 202110-year Treasury: 1.48% · Sep 27, 202110-year Treasury: 1.54% · Sep 28, 202110-year Treasury: 1.55% · Sep 29, 202110-year Treasury: 1.52% · Sep 30, 202110-year Treasury: 1.48% · Oct 1, 202110-year Treasury: 1.49% · Oct 4, 202110-year Treasury: 1.54% · Oct 5, 202110-year Treasury: 1.53% · Oct 6, 202110-year Treasury: 1.58% · Oct 7, 202110-year Treasury: 1.61% · Oct 8, 202110-year Treasury: 1.59% · Oct 12, 202110-year Treasury: 1.56% · Oct 13, 202110-year Treasury: 1.52% · Oct 14, 202110-year Treasury: 1.59% · Oct 15, 202110-year Treasury: 1.59% · Oct 18, 202110-year Treasury: 1.65% · Oct 19, 202110-year Treasury: 1.65% · Oct 20, 202110-year Treasury: 1.68% · Oct 21, 202110-year Treasury: 1.66% · Oct 22, 202110-year Treasury: 1.64% · Oct 25, 202110-year Treasury: 1.63% · Oct 26, 202110-year Treasury: 1.54% · Oct 27, 202110-year Treasury: 1.57% · Oct 28, 202110-year Treasury: 1.55% · Oct 29, 202110-year Treasury: 1.58% · Nov 1, 202110-year Treasury: 1.56% · Nov 2, 202110-year Treasury: 1.60% · Nov 3, 202110-year Treasury: 1.53% · Nov 4, 202110-year Treasury: 1.45% · Nov 5, 202110-year Treasury: 1.51% · Nov 8, 202110-year Treasury: 1.46% · Nov 9, 202110-year Treasury: 1.56% · Nov 10, 202110-year Treasury: 1.58% · Nov 12, 202110-year Treasury: 1.63% · Nov 15, 202110-year Treasury: 1.63% · Nov 16, 202110-year Treasury: 1.60% · Nov 17, 202110-year Treasury: 1.59% · Nov 18, 202110-year Treasury: 1.54% · Nov 19, 202110-year Treasury: 1.63% · Nov 22, 202110-year Treasury: 1.67% · Nov 23, 202110-year Treasury: 1.64% · Nov 24, 202110-year Treasury: 1.48% · Nov 26, 202110-year Treasury: 1.52% · Nov 29, 202110-year Treasury: 1.43% · Nov 30, 202110-year Treasury: 1.43% · Dec 1, 202110-year Treasury: 1.44% · Dec 2, 202110-year Treasury: 1.35% · Dec 3, 202110-year Treasury: 1.43% · Dec 6, 202110-year Treasury: 1.48% · Dec 7, 202110-year Treasury: 1.52% · Dec 8, 202110-year Treasury: 1.49% · Dec 9, 202110-year Treasury: 1.48% · Dec 10, 202110-year Treasury: 1.42% · Dec 13, 202110-year Treasury: 1.44% · Dec 14, 202110-year Treasury: 1.47% · Dec 15, 202110-year Treasury: 1.44% · Dec 16, 202110-year Treasury: 1.41% · Dec 17, 202110-year Treasury: 1.43% · Dec 20, 202110-year Treasury: 1.48% · Dec 21, 202110-year Treasury: 1.46% · Dec 22, 202110-year Treasury: 1.50% · Dec 23, 202110-year Treasury: 1.48% · Dec 27, 202110-year Treasury: 1.49% · Dec 28, 202110-year Treasury: 1.55% · Dec 29, 202110-year Treasury: 1.52% · Dec 30, 202110-year Treasury: 1.52% · Dec 31, 202110-year Treasury: 1.63% · Jan 3, 202210-year Treasury: 1.66% · Jan 4, 202210-year Treasury: 1.71% · Jan 5, 202210-year Treasury: 1.73% · Jan 6, 202210-year Treasury: 1.76% · Jan 7, 202210-year Treasury: 1.78% · Jan 10, 202210-year Treasury: 1.75% · Jan 11, 202210-year Treasury: 1.74% · Jan 12, 202210-year Treasury: 1.70% · Jan 13, 202210-year Treasury: 1.78% · Jan 14, 202210-year Treasury: 1.87% · Jan 18, 202210-year Treasury: 1.83% · Jan 19, 202210-year Treasury: 1.83% · Jan 20, 202210-year Treasury: 1.75% · Jan 21, 202210-year Treasury: 1.75% · Jan 24, 202210-year Treasury: 1.78% · Jan 25, 202210-year Treasury: 1.85% · Jan 26, 202210-year Treasury: 1.81% · Jan 27, 202210-year Treasury: 1.78% · Jan 28, 2022Jul 29, 2021Oct 29, 2021Jan 29, 2022
30-year fixed mortgage27 observations10-year Treasury126 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,287.58/month

3.14% · Oct 28, 2021

At the later reference$1,281.05/month

3.10% · Nov 24, 2021

The illustrative principal-and-interest payment is $6.53 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

Understand the policy connection →See current advertised mortgage options →