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Mortgage interest rates declined by around a full percentage point in 2025.
At 7.04% in January 2025, according to historical FreddieMac data, the average rate on a 30-year term fell to 6.06% by January 15, 2026. And that was an average, meaning that qualified borrowers were able to find a rate comfortably under 6%. By March 2, for example, the average rate on a 30-year term was just 5.75%. A combination of factors this spring, however, has caused rates to increase substantially. There’s currently no consensus on when mortgage rates could improve again, either.
But with factors like a new inflation report and a new Federal Reserve meeting expected for later this month, now could be a time for borrowers to take stock of the mortgage interest rate climate overall and, more specifically, the rates they may qualify for. That process starts by knowing where mortgage interest rates stand now, at the approximate midpoint of 2026, and more importantly, which rate is considered to be a “good” one this month.
Start by seeing which mortgage interest rate offers you qualify for here.
What’s a good mortgage interest rate this June?
The average mortgage interest rate on a 30-year mortgage is 6.50% as of June 8, 2026, according to Zillow. The median rate on a 15-year term is 5.87%. If you can find a rate under 6.50% or 5.87%, you can consider it to be a good one, even if it’s imperfect compared to what was available in recent years.
Despite today’s elevated rate climate, there are still effective ways to find a rate below those averages. Start by improving your credit score to get it as high as possible. That means paying down debt, reviewing your credit report for errors or inconsistencies and refraining from applying for additional debt or loans.
Take the time, too, to diligently shop around for rates and lenders, as shopping for a mortgage has historically been shown to result in a rate around half a percentage point or more below average. And don’t discount alternative loan types, as an adjustable-rate mortgage may allow you to lock in a rate lower than those outlined above. Similarly, tacking on mortgage interest points, which serve as a fee to the lender in exchange for a lower mortgage interest rate, could be worth serious consideration in today’s elevated mortgage interest rate environment.
Shop for mortgage interest rates online now.
What’s the mortgage interest rate forecast right now?
Waiting for a lower mortgage interest rate may be tempting now, considering that rates are significantly higher than they were earlier in 2026. But that may be a mistake worth avoiding. The chances of a Federal Reserve rate cut when the central bank meets this month, as well as in its next few meetings, are negligible now, according to the CME Group’s FedWatch tool.
And, if inflation remains high and employment remains strong, there’s a chance that the Fed will actually raise rates later this year, causing mortgage rates to drive further upward. Instead, borrowers who can afford today’s rates, even if they’re higher than they prefer, may want to seriously consider locking one in anyway. They can always float it down before closing or refinance in the future once rates stabilize again. In the interim, they’ll protect themselves from any potential rate hikes that arise later this summer.
The bottom line
A “good” mortgage interest rate this June is considered to be one below 6.50% for a 30-year term or under 5.87% for a 15-year term. While these are not as attractive as what borrowers were being offered earlier this year or toward the end of 2025, historically, they’re about in line with the averages borrowers were offered previously. And the traditional ways to secure a below-average rate still apply now. Consider shopping around online, then, to see what rates and terms you actually qualify for. Online marketplaces make it easier than ever to compare lenders, rates and terms all in one location.