Mortgage rates today: Tuesday, June 2, 2026

Rates are daily averages based on Better Mortgage data, not APRs, and vary by borrower.

Mortgage rates are easing slightly on Tuesday, June 2, 2026. The 30-year fixed rate sits around 6.60% based on current industry data, down modestly from the highs reached in March and April, when oil-price volatility rattled bond markets.

Rates have declined or held steady for eight consecutive trading sessions and sit more than half a percentage point below where they were a year ago. The next major catalyst is the Federal Reserve's June 17 meeting, which will include a new Summary of Economic Projections that could move rates even without a policy change.

If you're shopping for a home or weighing a refinance, today's window of relative stability is worth acting on. You can check current mortgage rates at any time, with no personal information required.

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

Today's mortgage rates — June 2, 2026

Here are today's benchmark rates based on current industry averages:

Loan type	Average rate
30-year fixed	6.60%
15-year fixed	5.75%
5/1 ARM	6.45%
30-year fixed refinance	6.70%
15-year fixed refinance	6.10%

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

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

Why mortgage rates are moving lower right now

Mortgage rates don't move because of a single switch. They're driven by bond market activity, and specifically by what investors expect for inflation and economic growth. When uncertainty rises, bond yields typically fall as investors seek safety, and mortgage rates tend to follow. When the outlook brightens, the opposite happens.

The sharp rate spike earlier this year came as geopolitical tensions drove oil prices higher, stoking inflation concerns and pushing the 10-year Treasury yield, the closest benchmark for 30-year mortgage rates, upward. Since late May, that pressure has eased somewhat. According to recent industry data, the 30-year fixed rate has pulled back from its spring peak and has now moved lower or sideways for eight consecutive trading sessions.

It's worth clarifying: a basis point (bps) equals one hundredth of a percent, or 0.01%. When you hear that rates fell five basis points, that means a rate of 6.60% moved to 6.55%. This terminology matters because daily mortgage rate changes are often small, but they compound meaningfully across a 30-year loan.

What the Fed's June 17 meeting means for mortgage rates

Markets are currently pricing in no change to the federal funds rate at the Federal Open Market Committee's June 16–17 meeting. The Fed has held its benchmark rate in the 4.25–4.50% range since December 2024, maintaining a wait-and-see posture while monitoring inflation and employment.

But the rate decision itself may matter less than the accompanying Summary of Economic Projections — the so-called dot plot, which shows where Fed policymakers expect rates to head over the next two years. A dot plot that signals fewer cuts ahead could push bond yields higher and drag mortgage rates up. A more dovish projection could push them lower.

In other words: the June 17 meeting is a risk event. Rates today may not reflect where they'll be on June 18.

30-year vs. 15-year mortgage: which makes sense at today's rates?

Today's spread between the 30-year fixed rate (around 6.60%) and the 15-year fixed rate (around 5.75%) is roughly 85 basis points. That gap matters for your mortgage decision.

The 15-year option offers a meaningfully lower interest rate and substantially less total interest paid over the life of the loan. The tradeoff is a higher monthly payment, because you're paying off the same principal in half the time.

The 30-year mortgage keeps monthly payments lower, which improves cash flow and can leave room in your budget for other financial goals. It's also the product most buyers choose when their income doesn't comfortably support the larger 15-year payment.

Use the mortgage calculator to model both scenarios with your actual loan amount. Seeing the monthly payment difference in real numbers (not hypotheticals) is the fastest way to decide which term fits your budget.

Any payment calculations referenced here are for illustrative purposes only. Rates, payments, and total interest will vary based on credit profile, loan terms, and market conditions.

Should you lock your rate today or wait?

This is the question every buyer and refinancer is asking right now. Here's a clear-eyed way to think about it.

• The case for locking now: Rates have been declining for eight sessions. That run can end quickly, particularly with a Fed meeting and dot plot release scheduled for June 17. If you're within 30–60 days of closing, locking today removes the risk of a rate spike before you get to the table. A rate lock typically holds your rate for 30, 45, or 60 days while you move through underwriting and closing.

• The case for floating: If you're earlier in the process and have more runway before closing, and if your risk tolerance allows for some uncertainty, rates could continue drifting lower through the early part of June. That said, the June 17 event creates a meaningful risk of movement in either direction.

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. Ask your lender whether this option is available and what the terms are.

The most important step regardless of timing: know your actual rate. You can't make a lock decision in a vacuum. Get pre-approved to see your personalized rate — it takes minutes online and has no impact on your credit score.

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

What today's rates mean if you're refinancing

Today's refinance rates sit slightly above purchase rates, as is typical, around 6.70% for a 30-year fixed refinance. That's still well above the sub-3% rates many borrowers locked in during 2020 and 2021, which means the math on refinancing doesn't pencil out for most of those homeowners.

The borrowers for whom refinancing makes the most sense today are those who took out loans in 2023 or early 2024, when rates peaked above 7.5% on the 30-year fixed. For those borrowers, today's 6.60–6.70% range represents meaningful savings. A standard rule of thumb is that refinancing can make sense when you can reduce your rate by at least 0.5 to 1 percentage point and expect to stay in the home long enough to recoup the closing costs.

Use the refinance calculator to find your break-even point. If you're wondering whether to learn how to shop around for mortgage rates, the answer is always yes — even a small rate difference translates to thousands of dollars over the life of a loan.

If you want to explore whether refinancing is worth it, this article is worth a read. The answer is more nuanced than most people expect.

And if you're curious about longer-term rate trends, why mortgage rates fluctuate provides helpful context on the forces that push rates up and down over time.

Frequently asked questions

What are mortgage rates today on June 2, 2026?

The 30-year fixed mortgage rate is approximately 6.60% based on current industry averages. The 15-year fixed rate is around 5.75%, and the 5/1 ARM is near 6.45%. These are national averages. Your individual rate will vary based on your credit score, down payment, loan amount, and the lender you choose.

Rates have been dropping for over a week. Is now a good time to lock my mortgage rate?

Eight consecutive sessions of declining or flat rates is a meaningful trend, but it doesn't mean rates will continue falling. The Federal Reserve's June 17 meeting, which includes a new Summary of Economic Projections, is a near-term risk event that could push rates in either direction. If you're within 30–60 days of closing, locking now to protect against that risk is a reasonable approach.

I have a 720 credit score and 10% down. What rate can I realistically expect?

A 720 credit score is in the "good" range and should qualify you for rates close to the national average, though not necessarily the lowest available tier. A 10% down payment means you'll likely be required to carry private mortgage insurance (PMI) until you reach 20% equity. Your best move is to get pre-approved and see your actual personalized rate, the national average is a reference point, not a guarantee.

How does the Federal Reserve's June 17 meeting affect mortgage rates?

The Fed doesn't set mortgage rates directly. Mortgage rates are determined by bond markets, which respond to inflation expectations and economic outlooks. What moves mortgage rates around a Fed meeting is the new Summary of Economic Projections (dot plot), which signals where policymakers expect the federal funds rate to head over the next two years. A hawkish dot plot tends to push bond yields — and mortgage rates — higher; a dovish one can pull them lower.

Is a 6.60% mortgage rate good compared to where rates were last year?

Yes. Today's 30-year fixed rate is roughly 53 basis points (just over half a percentage point) below where it stood a year ago. That said, rates are still well above the historic lows of 2020–2021. For perspective, a 6.60% rate on a $400,000 loan produces a meaningfully lower monthly payment than the same loan at 7.13% from a year ago. The year-over-year improvement is real, even if rates remain elevated by longer-term standards.

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

Should I get a 15-year or 30-year mortgage at today's rates?

If you can comfortably afford the higher monthly payment on a 15-year mortgage, the roughly 85 basis point rate advantage and lower lifetime interest cost make it compelling. If the higher payment would strain your budget or crowd out other financial goals, the 30-year is the right call. Plus, you can always make additional principal payments when your cash flow allows. Use the mortgage calculator to model both scenarios.

I'm worried rates will rise before I close. What is a rate lock?

A rate lock is a lender commitment to hold your quoted rate for a defined period, typically 30, 45, or 60 days. It protects you from rate increases between when you go under contract and when you close. If rates fall after you lock, some lenders offer a float-down option that lets you capture a lower rate. Ask your lender about both options and any associated costs.

My rate is 7.2% from last year. Does it make sense to refinance now?

The spread between your current rate (7.2%) and today's 30-year refi rate (approximately 6.70%) is about 50 basis points. Whether refinancing makes sense depends on your remaining loan balance, how long you plan to stay in the home, and the closing costs you'll incur. A rough rule of thumb is that you need to stay long enough to break even on those costs, typically two to four years. Run the numbers with the refinance calculator to get a personalized answer.

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

The bottom line

Mortgage rates have pulled back to around 6.60% on the 30-year fixed, a modest but meaningful improvement from where they were earlier this spring. Rates have moved lower or held steady for eight consecutive trading sessions, and the year-over-year picture is encouraging: rates are down more than 50 basis points from a year ago.

The key caveat is the Federal Reserve's June 17 meeting, which includes a dot plot release that markets will read carefully for signals on 2026 and 2027 rate policy. That event creates legitimate uncertainty about where rates head next.

The smartest move right now is to know your number. Whether you're buying or refinancing, seeing your personalized rate doesn't require a commitment, and it takes minutes online with no credit impact.

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

Rates shown 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.