Mortgage interest rates have shifted significantly recently, becoming a prime concern for many borrowers. Historical data from FreddieMac showed a drop in average mortgage rates in 2025, but these rates have risen again in 2026, creating a more challenging environment.
In January 2025, the average rate for a 30-year term was 7.04%, which fell to 6.06% by January 15, 2026. By March 2, 2026, this average dipped further to 5.75%. However, subsequent factors led to a notable rise, with the average rate reaching 6.50% as of June 8, 2026, according to Zillow. Meanwhile, the median rate for a 15-year term stands at 5.87%.
Understanding what constitutes a good mortgage rate is crucial for borrowers. Rates under 6.50% for a 30-year mortgage or below 5.87% for a 15-year term are generally considered favorable, even compared to past rates. Nonetheless, securing a rate below these averages remains possible through several effective strategies:
- Improving Your Credit Score: Elevate your credit score by paying down debts, checking for errors in your credit report, and maintaining minimal debt applications.
- Shopping Around: Explore offers from different lenders. Historical trends indicate that shopping for mortgages can result in rates significantly lower than average.
- Considering Alternative Loan Types: An adjustable-rate mortgage might offer lower initial rates compared to standard options. Mortgage points, fees paid to the lender for reducing interest rates, can also be beneficial.
The current forecast for mortgage rates is ambiguous due to minimal likelihood of a Federal Reserve rate cut in upcoming meetings, as indicated by the CME Group’s FedWatch tool. If inflation and employment remain robust, further rate hikes might occur, pushing mortgage rates higher.
Borrowers able to handle today’s rates should contemplate locking them in, with future opportunities to lower them before closing or refinancing should rates stabilize. By locking a rate now, borrowers safeguard themselves against potential further increases later in the year.
Ultimately, a good mortgage interest rate this June would be under 6.50% for a 30-year term and under 5.87% for a 15-year mortgage. Although these rates aren’t as attractive as earlier ones, they align with historical averages. The methods to secure a below-average rate stay applicable.
Better rates and terms can be found by using online marketplaces, which streamline the process of comparing lenders and offers. This approach allows for a comprehensive evaluation of prospective mortgage deals in an efficient manner.
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