Recently, borrowers face more challenges in finding low mortgage interest rates. Historical FreddieMac data shows a decline in rates during 2025. Starting at 7.04% in January 2025, the average rate for a 30-year mortgage fell to 6.06% by mid-January 2026. By March, this rate further decreased to 5.75%.
However, the situation changed when a combination of factors caused a substantial increase in rates this spring. Currently, there’s uncertainty on when these rates might improve. Borrowers need to consider the overall mortgage interest rate environment and understand the rates they might qualify for.
Current Mortgage Interest Rates
As of June 8, 2026, the average 30-year mortgage interest rate stands at 6.50%, according to Zillow. For a 15-year term, the median rate is 5.87%. Securing rates below 6.50% or 5.87% is considered good, despite them being less favorable than in recent years.
There are effective strategies for obtaining rates below these averages:
- Improve your credit score by paying down debt and correcting errors on your credit report.
- Refrain from applying for more loans or debt.
- Shop around for different rates and lenders. This approach historically yields rates around half a percentage point lower than average.
- Consider alternative loan types like adjustable-rate mortgages.
- Think about purchasing mortgage interest points to lower your rate.
Forecast for Mortgage Interest Rates
Waiting for lower mortgage interest rates might be tempting given the current rates are substantially higher than earlier in 2026. However, the CME Group’s FedWatch tool suggests the likelihood of a Federal Reserve rate cut in this month’s meeting is low.
With high inflation and strong employment figures, there’s potential for the Fed to raise rates later this year. Those who can handle the current rates should consider locking one in now to protect against possible hikes. They can opt to float it down before closing or refinance once rates stabilize.
Conclusion
A good mortgage interest rate this June is below 6.50% for 30-year terms or under 5.87% for 15-year terms. Though these rates might not compare well with previous months, they align with historical averages.
Traditional methods to secure below-average rates still hold. Take advantage of online platforms to compare rates, lenders, and terms efficiently.