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All rates in this article are national average mortgage rates and not specific to you or any other borrower. Real rates and APRs, which show total borrowing costs, vary by borrower.
The 30-year fixed mortgage rate is averaging 6.65% today, and the 15-year fixed is at 6.19%, according to Mortgage News Daily's daily index.
Both are sitting at their highest point in about a week. Two forces are in play: a carryover jump from yesterday's bond-market selling, and this morning's June jobs report, which could still move rates further before the day is over.
If you're shopping today, treat the numbers below as this morning's snapshot rather than a fixed point. Check your personalized rate before locking anything in.
Rates by Loan Type, Right Now
| Loan Type | Today's Rate | Where It Comes From |
|---|---|---|
| 30-Year Fixed | 6.65% | Mortgage News Daily, daily index |
| 15-Year Fixed | 6.19% | Mortgage News Daily, daily index |
| 30-Year FHA | 6.22% | Mortgage News Daily, daily index |
| 30-Year Jumbo | 6.60% | Bankrate national average |
| 5/1 ARM | 5.75% | Bankrate national average |
| 30-Year VA | 6.09% | Mortgage News Daily, most recent reading |
| Rates are national averages and not loan offers for any specific borrower. |
Today's Wildcard: The June Jobs Report
Here's what's different about today compared to a typical Thursday. The Bureau of Labor Statistics released its June employment report this morning a day earlier than usual because markets are closed Friday for the July 4th holiday. Economists had penciled in roughly 100,000 new jobs with unemployment holding near 4.3%.
Why does a jobs report move your mortgage rate? Mortgage rates track the 10-year Treasury yield far more closely than they track the Federal Reserve's benchmark rate. What determines mortgage rates covers the full mechanics, but the short version is this: a stronger-than-expected jobs number tends to signal the Fed has less room to ease, which pushes Treasury yields — and mortgage rates — higher.
A softer number can pull them the other way. Because MND's own daily index doesn't update until this afternoon, the rate you see quoted by a lender at 9 a.m. could already look different by 4 p.m.
What Pushed Rates Up Yesterday
Before today's jobs data, the bigger story was mechanical, not economic. Large institutional investors spent the final days of the quarter rebalancing bond and stock holdings, and that selling pressure carried into Wednesday afternoon, pushing several lenders to reprice higher after MND's own update had already posted. The result: the 30-year fixed is now running about 0.05% above Tuesday's level.
Behind that short-term noise, the longer-running story hasn't changed. Inflation is still elevated, and the Federal Reserve has held its benchmark rate at 3.50%–3.75% for four straight meetings, including new Chair Kevin Warsh's first as the head of the central bank. The Fed's tone has stayed cautious rather than dovish, which is part of why rates haven't meaningfully retreated even as quarter-end pressure fades.
Picking a Loan Type: A Side-by-Side Look
| 30-Year Fixed | 15-Year Fixed | ARM (7/6 SOFR) | |
|---|---|---|---|
| Today's rate | 6.65% | 6.19% | ~5.75% |
| Monthly payment | Lowest of the three | Highest of the three | Lowest initially |
| Total interest paid | Highest | Lowest | Depends on rate at adjustment |
| Best for | Long-term stability, lower payment | Paying off fast, less total interest | Short holding period, comfort with future rate risk |
A 7/6 SOFR ARM has mostly replaced the older 5/1 ARM structure. It fixes your rate for the first seven years instead of five, then adjusts every six months rather than annually. At today's roughly 5.75% average, an ARM still prices meaningfully below either fixed option, which is the tradeoff for taking on rate risk once the fixed period ends. If an ARM is on your radar, it's worth reading up on whether you can refinance an ARM loan into something fixed before that adjustment hits.
If you're using a government-backed program, the comparison looks different. FHA vs. conventional loans is the right read if your credit is still building, and VA loans vs. conventional loans walks through the tradeoffs for eligible veterans and service members. Above the conforming loan limit, see jumbo vs. conventional loans before you start shopping.
Thinking About a Refinance
Refinance rates are running slightly above purchase rates today. Bankrate has the 30-year refinance average at 6.68% and the 15-year at roughly 6.06%.
A refinance tends to pencil out in a handful of situations: switching to a shorter term to build equity faster, moving off an ARM before its rate adjusts, rolling higher-interest debt into a cash-out refinance, or dropping your rate by enough to clear closing costs within a reasonable window. Since most current homeowners are still locked in well under 6%, a rate-only refinance isn't the right call for most people today. The math comes down to your existing rate, how long you'll stay put, and your break-even timeline.
Lock Now, or Wait for the Jobs Number?
A rate lock holds your quoted rate for a set window, typically 30 to 60 days, while your loan moves through underwriting and closing. Today's twist is that the jobs report adds real uncertainty to which direction the afternoon update goes.
If you're closing within the next 30 to 45 days and this morning's rate fits your budget, locking removes that uncertainty entirely. You won't be exposed if the jobs data pushes rates higher later today. If your closing is further out, you have more room to watch how things settle, though there's no guarantee the move goes in your favor. Either way, it's worth confirming that mortgage rates are negotiable to a degree, and that shopping around for mortgage rates with more than one lender is one of the few moves that reliably saves money regardless of which way the market goes.
Common Questions on a Day Like Today
Is 6.65% a bad rate, or is this just normal day-to-day movement?
It's the highest reading in about a week, but it's still within the range rates have held for the past month. A single day's jump driven by quarter-end trading isn't the same as a sustained trend — watch the next few days rather than reacting to one reading.
I'm locked into 7.25% on my current mortgage. Is today's rate low enough to refinance?
With refinance rates running near 6.68% today, a homeowner at 7.25% could see monthly savings. Whether it's worth doing still depends on your loan balance, how many years you plan to stay, and how quickly the savings cover your closing costs.
Does a strong jobs report always mean mortgage rates go up?
Generally, yes, though not automatically. A stronger-than-expected report tends to push Treasury yields higher because it reduces pressure on the Fed to cut rates, and mortgage rates typically follow. A weak report can have the opposite effect, but other factors — like an inflation surprise the same week — can offset it.
My credit score is 680 with 5% down. How far above the average rate should I expect to land?
Meaningfully above it. The published averages generally assume stronger credit (740+) and larger down payments (20%). At 680 with 5% down, expect a higher rate than today's national figure, plus private mortgage insurance until you build more equity, since both factors add risk from a lender's perspective.
What's the actual difference between a 7/6 SOFR ARM and the 5/1 ARM I keep hearing about?
The 7/6 SOFR ARM fixes your rate for seven years instead of five and then adjusts every six months instead of once a year, using the SOFR index. Most lenders have shifted to this structure, so if you're comparing ARM quotes today, you're more likely to see 7/6 SOFR terms than the older 5/1 structure.
Should I wait until next week to lock, since rates just jumped?
There's no reliable way to predict whether rates will be lower next week. Today's jobs report alone could move them either direction by this afternoon. If your timeline requires locking soon, basing that decision on your closing date is more reliable than trying to time a short-term dip.
How much would today's 6.65% rate actually cost me versus last week's rate on a $350,000 loan?
The difference between roughly 6.60% and 6.65% works out to about $12 more per month in principal and interest on a $350,000 loan — a small shift day to day, but one that adds up to a few thousand dollars in extra interest over 30 years if the rate holds.
Bottom Line for Today
Rates opened the day at their highest point in about a week — 6.65% on the 30-year fixed, 6.19% on the 15-year — and today's jobs report means the picture could still shift before the afternoon update posts.
None of these are your personal rate; they're the national starting point that your credit, down payment, and lender adjust from there.
If you're actively shopping or refinancing, the clearest next step is getting your own numbers rather than watching the daily average.
Rates and examples in this article are for illustrative purposes only and reflect national averages as of July 2, 2026. Actual rates, payments, and terms vary based on credit profile, loan details, and lender. This is not a commitment to lend.