Mortgage rates today, July 6, 2026

Rates listed in this article are daily averages based on Better Mortgage data, not APRs. Real rates vary by borrower.

As of July 6, 2026, the average 30-year fixed mortgage rate is 6.60%, and the average 15-year fixed rate is 6.17%, based on current daily rate index data.

Rates have held close to a two-week low after easing late last week, when a weaker-than-expected jobs report pulled bond yields lower ahead of the July 4th holiday.

These are national averages; your actual rate depends on your credit score, down payment, loan amount, and lender.

Today's mortgage rates at a glance

Loan type	Average rate
30-year fixed	6.60%
15-year fixed	6.17%
7/6 SOFR ARM	6.33%
30-year fixed refinance	6.71%
15-year fixed refinance	6.00%

These are national averages — your actual rate depends on your credit score, down payment, loan amount, and lender.

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What's moving rates this week

Mortgage rates enter this week little changed from where they closed out the holiday-shortened session last Thursday. With markets closed for July 4th and no new rate index update over the long weekend, Monday's pricing reflects the same story that shaped rates heading into the break: a softer labor market report.

The latest employment data came in weaker than expected, with job growth falling short of forecasts and underlying labor force participation showing further softening. Weaker jobs data tends to pull bond yields lower, and mortgage rates typically follow the direction of long-term Treasury yields rather than the Federal Reserve's short-term benchmark rate. That relationship played out clearly last week, when the 30-year fixed average slid to its lowest level in roughly two weeks.

Recent market data also points to persistent inflation pressure, which has kept rates from falling further. Industry economists project rates will likely stay in a similar band through the summer unless inflation cools meaningfully or the bond market sees a larger shift in expectations.

Should you lock your rate today

If you're within striking distance of a closing date, locking your rate removes the guesswork about where the market goes next. Rate locks typically hold for 30, 45, or 60 days depending on your lender and loan type, and they protect you from increases during that window, even if the broader market moves against you.

Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. This is a market-wide feature, not something unique to any single lender, and it's worth asking about if you're still early in the process and want some flexibility built in.

The tradeoff to consider: locking early gives you certainty, but if rates fall significantly afterward, you may be stuck at the higher number unless your loan includes a float-down provision. If your budget already works at today's rate and you've found the home you want, most housing economists would say the math favors locking rather than gambling on a rate drop that isn't guaranteed.

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How today's rate affects your monthly payment

To put today's rate in concrete terms: on a $400,000 home purchase with 20% down (a $320,000 loan balance), a 30-year fixed loan at 6.60% works out to a principal-and-interest payment of roughly $2,044 a month. Move that same loan to a 15-year term at 6.17%, and the monthly payment rises to about $2,730 . But you'd pay off the loan in half the time and save significantly on total interest.

Even small rate differences add up over the life of a loan. A quarter-point difference in rate on that same $320,000 balance changes the monthly payment by roughly $50, which is why comparing offers across a few lenders is worth the extra time. Your actual payment will also include property taxes, homeowners insurance, and — if your down payment is below 20% — private mortgage insurance, none of which are reflected in the base principal-and-interest number above.

Run your own numbers with the mortgage calculator to see how today's rate fits your budget.

Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

Fixed vs. ARM: Which one makes sense right now

The 7/6 SOFR ARM, a loan with a fixed rate for the first seven years before it adjusts twice a year, is currently averaging 6.33%, about a quarter point below the 30-year fixed. That gap can translate into real monthly savings during the initial fixed period, which is why ARM demand tends to rise when the spread between ARM and fixed pricing widens.

But ARMs create uncertainty. Once the fixed period ends, your rate adjusts based on the SOFR index plus a margin, and it can move higher or lower depending on where rates stand at that time.

Borrowers who plan to sell, refinance, or pay off the loan within the fixed period are best positioned to benefit from an ARM without taking on much adjustment risk. Borrowers planning to stay in the home long-term, or who want payment certainty above all else, are typically better served by a 30-year fixed loan even at a slightly higher starting rate.

There's no universally correct answer. It depends on your time horizon, risk tolerance, and how much the rate gap is worth to your monthly budget.

Frequently asked questions

What are today's mortgage rates for a 30-year fixed loan?

As of July 6, 2026, the average 30-year fixed mortgage rate is 6.60%, based on current daily rate index data. This is a national average. Your actual rate will depend on your credit score, down payment, loan amount, and the lender you choose. Rates can also move during the trading day, so the number you see quoted this morning may differ slightly from what a lender offers this afternoon.

I have a 720 credit score. What mortgage rate can I expect right now?

A 720 credit score generally falls in a strong pricing tier for conventional loans, though it's not the top tier reserved for scores above 760. At today's averages, you'd likely see a rate close to, or slightly above, the 6.60% national average for a 30-year fixed, depending on your down payment and loan size.

Getting pre-approved is the only way to know your exact number, since lenders price loans using your full profile, not just your credit score in isolation. See pre-qualified vs. pre-approved if you're not sure which step you're at.

Should I lock my mortgage rate today or wait to see if it drops?

If today's rate works for your budget and you're within a reasonable window of closing, locking removes the uncertainty of waiting. Rates can move in either direction based on incoming economic data, and there's no reliable way to predict a drop.

If you're still shopping for a home, it's also worth knowing how long a mortgage pre-approval lasts so your timeline lines up with your rate lock window.

Is a 7/6 SOFR ARM a better deal than a 30-year fixed right now?

It depends on how long you plan to stay in the home. The 7/6 SOFR ARM is currently averaging 6.33%, lower than the 6.60% 30-year fixed average, which can mean real savings during the first seven years. But once the fixed period ends, the rate adjusts and could move higher. Buyers planning to sell or refinance within seven years tend to benefit most; buyers planning to stay long-term generally get more value from the payment certainty of a fixed-rate loan.

How much would my monthly payment be on a $400,000 loan at today's rate?

On a $400,000 purchase with 20% down (a $320,000 loan balance), a 30-year fixed loan at today's 6.60% average works out to a principal-and-interest payment of roughly $2,044 a month. That figure doesn't include property taxes, homeowners insurance, or mortgage insurance, which would add to your total monthly housing payment.

Example is for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

Why did mortgage rates change this week?

Mortgage rates track the bond market, particularly the yield on 10-year Treasury notes, which reacts to economic data like employment and inflation reports. Last week's jobs report came in weaker than expected, which pulled yields, and mortgage rates, lower heading into the holiday weekend. With markets closed for July 4th and lighter trading volume around the holiday, rates have held fairly steady since then.

What happens if I lock my rate today and rates drop before closing?

If your loan doesn't include a float-down option, you'd keep the rate you locked even if the market improves before closing. Many lenders offer float-down options that allow you to lock a rate and then move to a lower rate should it drop materially before closing. It's worth asking your loan officer whether this is available and what the cost or conditions are, since terms vary by lender.

Bottom line about today's mortgage rates

Mortgage rates today are holding close to their lowest level in about two weeks, with the 30-year fixed averaging 6.60% and the 15-year fixed at 6.17%.

The bigger picture hasn't changed much: rates remain sensitive to incoming inflation and employment data, and a single report can still move the market meaningfully in either direction. If you've found a home that fits your budget at today's numbers, waiting for a specific rate isn't a strategy backed by any guarantee — and locking in what works now protects you from the next swing.

The fastest way to know exactly where you stand is to see your actual rate, not just the national average.

...in as little as 3 minutes — no credit impact

Rates shown in this article are daily average interest rates, not APRs, based on Better Mortgage data and are for informational purposes only. Rates are not guaranteed, may include borrower-paid or lender credits, and actual rates and terms vary by borrower and transaction. Comparison to industry average rates may not reflect individual borrower scenarios and is not a guarantee of lower rates or savings.