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All rates shown in this article are daily averages based on Better Mortgage data, not APRs based on your unique financial profile. Actual rates and APRs will vary by borrower.
Mortgage rates on June 24, 2026, are sitting near 6.65% for the 30-year fixed, according to the latest Mortgage News Daily index. The 15-year fixed is running around 5.88%, and the 5/1 ARM is at 6.56%.
All benchmarks holding in the upper half of this week's range. Rates have drifted higher following the Federal Reserve's June meeting, where Chair Kevin Warsh held the federal funds rate steady at 3.50%–3.75% but delivered a clearly hawkish message: rate cuts are off the table for now, and a hike remains possible if inflation doesn't cooperate.
Consumer prices are currently running 4.2% above where they were a year ago, which is the highest level in three years. This keeps upward pressure on Treasury yields and, through them, on mortgage rates. The partial reopening of the Strait of Hormuz has brought oil prices down modestly, which could ease some of that pressure over coming months. But for borrowers shopping today, the floor under rates remains firmly elevated.
Your actual rate depends on your credit score, down payment, loan amount, and property type. Use Better's mortgage rate tool to see your personalized figure in minutes — no credit impact required.
Today's mortgage rates — June 24, 2026
| Loan type | Average rate |
|---|---|
| 30-year fixed | 6.65% |
| 15-year fixed | 5.88% |
| 5/1 ARM | 6.56% |
| 30-year fixed refinance | 6.73% |
| 15-year fixed refinance | 6.10% |
These are national averages. Your actual rate depends on your credit score, down payment, loan amount, and lender.
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What's driving mortgage rates right now
Mortgage rates don't come directly from the Federal Reserve. They follow the yield on the 10-year Treasury note, which reflects what bond investors expect from the economy over the next decade. When inflation expectations rise, bond investors demand higher yields to compensate, and lenders price mortgages accordingly. That's why the Fed's June decision (hold steady, but sound hawkish) pushed rates higher even though no rate change occurred.
Several forces are stacking up to keep rates elevated through mid-2026:
Inflation at 4.2% year-over-year. The Consumer Price Index rose to its highest level in three years, driven partly by energy costs tied to the conflict in the Middle East. The Fed's 2% target remains a distant goal.
The Warsh Fed's higher-for-longer posture. Chair Kevin Warsh, who took over the Fed this year, signaled clearly after the June meeting that the central bank is not moving toward cuts. The updated economic projections show the majority of policymakers believe a rate hike may be necessary later in 2026.
Partial easing of the Iran conflict. The Strait of Hormuz — a key global oil shipping route — has begun reopening following a ceasefire agreement, which has pulled oil prices down modestly. If that materializes into softer inflation data over coming months, it may give bond markets room to price in slightly lower yields. But mortgage rates typically respond to sustained data trends, not single events.
The MBS spread. Beyond Treasury yields, lenders also watch the spread between mortgage-backed securities (MBS) and the 10-year Treasury. That spread has been wider than historical norms, meaning lenders are pricing in extra cushion above Treasuries. Until that spread compresses, mortgage rates will stay higher than the 10-year alone would imply.
How today's rate affects your monthly payment
Understanding what 6.65% actually costs is more useful than tracking the number in isolation. Here's what today's rate means in monthly principal and interest terms across three common loan sizes, compared to where rates stood a year ago:
| Loan amount | Rate: 6.65% (today) | Rate: 6.81% (1 year ago) | Monthly savings vs. 1 yr ago |
|---|---|---|---|
| $300,000 | $1,934/mo | $1,980/mo | ~$46/mo |
| $400,000 | $2,579/mo | $2,640/mo | ~$61/mo |
| $500,000 | $3,223/mo | $3,299/mo | ~$76/mo |
These are illustrative estimates for principal and interest only, based on a 30-year fixed-rate loan. Figures do not include property taxes, homeowners insurance, PMI, or HOA fees. Actual payments will vary by lender, credit profile, and loan terms.
A year ago, the 30-year fixed averaged around 6.81%, according to recent industry data. Today's rate is modestly lower, which translates to real monthly savings, roughly $46 to $76 per month depending on loan size.
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Should you lock your rate today?
Rate locks protect you from increases between application and closing, typically 30 to 60 days. Given the current environment, a few things are worth considering:
The case for locking now: Rates have been climbing since the June Fed meeting and the path of least resistance still runs higher. If your closing is within 30 to 45 days, a lock eliminates the risk of rates moving to 6.85% or above before you close.
The case for waiting: The Iran ceasefire has introduced a modest deflationary tailwind. If oil prices continue to fall and the next CPI report comes in softer than expected, rates could pull back toward 6.40–6.50%. That scenario is possible but not assured.
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 can be a useful hedge in the current environment.
For a broader view of how to make the most of today's market, see our guide on how to shop around for mortgage rates.
How to get a lower mortgage rate
The rate in today's table is a national average — individual borrowers can often do better. Here's where the real leverage is:
Credit score. Your credit score is the single biggest personal lever on your rate. Moving from a 680 to a 760 score can reduce your rate by 0.50 to 0.75 percentage points — which on a $400,000 loan would save roughly $130 per month.
Down payment. Putting down 20% or more eliminates private mortgage insurance (PMI) and often earns a slightly lower base rate.
Loan type. A fixed-rate versus adjustable-rate mortgage is worth weighing carefully right now. The 5/1 ARM at 6.56% is above the 30-year fixed today which is unusual, and a sign of lender uncertainty about where rates will be in 5 years.
Buying points. One discount point costs 1% of the loan amount and typically lowers your rate by 0.25 percentage points. If you plan to stay in the home for at least 5 to 7 years, buying down your rate can result in significant interest savings.
Loan term. A 15-year mortgage carries a lower rate, currently around 5.88%. The tradeoff is a higher monthly payment. On a $400,000 loan, the 15-year payment is roughly $3,600/month versus $2,579 for the 30-year. See our guide on when to refinance your mortgage if you're considering a term change.
Frequently asked questions
What are mortgage rates today on June 24, 2026?
The 30-year fixed mortgage rate is approximately 6.65% as of today's Mortgage News Daily index. The 15-year fixed is around 5.88% and the 5/1 ARM is near 6.56%. These are national averages. Your actual rate will depend on your credit profile, loan size, down payment, and property type.
Why are mortgage rates still so high in 2026 — I thought the Fed was going to cut?
The Federal Reserve's rate decisions influence short-term borrowing costs, but mortgage rates follow the 10-year Treasury yield more closely. Even as the Fed held its benchmark rate steady, bond investors have priced in higher long-term inflation — currently running at 4.2% year-over-year, which keeps Treasury yields elevated and mortgage rates with them. The new Fed Chair's hawkish commentary after the June meeting reinforced that cuts are not coming soon.
I'm trying to buy a house this summer — should I lock my rate now or wait for rates to drop?
If you're closing within 30 to 45 days, locking is generally the prudent move in the current environment. Rates have been moving higher since the June Fed meeting, and the next CPI report or a Fed statement could push them further. Ask your lender about float-down options, which allow you to lock now but capture a lower rate if rates fall materially before closing.
If the 30-year rate is 6.65%, what would my monthly payment be on a $400,000 home?
At 6.65% on a $400,000 loan with a 30-year term, the estimated monthly payment for principal and interest is approximately $2,579. This is an illustrative estimate and does not include property taxes, homeowners insurance, PMI (if applicable), or HOA fees. Use Better's mortgage calculator for a more complete picture.
How does the Iran conflict and rising oil prices affect my mortgage rate?
The Iran conflict disrupted global oil supply through the Strait of Hormuz, pushing energy prices higher and contributing to U.S. inflation rising to a three-year high of 4.2%. Higher inflation leads bond investors to demand higher yields on Treasury notes, and since 30-year mortgage rates closely track the 10-year Treasury yield, energy-driven inflation has been one of the key forces keeping rates elevated above 6.5%.
I have a 720 credit score — am I getting the best mortgage rate available right now?
A 720 score puts you in the 'good' credit tier and will qualify you for competitive rates at most lenders, but not necessarily the best available. Top-tier pricing typically requires a score of 760 or above. The difference can be meaningful, moving from 720 to 760 could reduce your rate by 0.25 to 0.50 percentage points.
Is a 15-year mortgage worth it if rates are this high?
A 15-year mortgage at 5.88% costs significantly less in total interest than a 30-year at 6.65%, but the monthly payment is substantially higher. On a $400,000 loan, the 15-year payment is roughly $3,600/month versus $2,579/month for the 30-year. Whether the tradeoff makes sense depends on your income stability, other financial goals, and how long you plan to stay in the home.
What's the difference between the Fed rate and the mortgage rate I'll actually pay?
The federal funds rate (currently 3.50%–3.75%) is what banks charge each other for overnight loans. Mortgage rates are priced primarily off the 10-year Treasury yield, which reflects long-term inflation and growth expectations. This is why the Fed can hold its rate steady and mortgage rates can still move, and it's why Fed rate cuts in late 2024 did not translate to lower mortgage rates for borrowers in 2025.
Bottom line on today's mortgage rates
Rates on June 24, 2026 are near 6.65% for the 30-year fixed, elevated by recent historical standards, but modestly lower than the peak levels seen in mid-2025. The path forward depends heavily on whether inflation starts to trend toward the Fed's 2% target and whether Chair Warsh's higher-for-longer posture remains intact.
For buyers and refinancers who are actively shopping, the most productive move is to get your actual rate, not a national average. Getting your personalized rate takes minutes and doesn't affect your credit score.
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These are national average rates based on the Mortgage News Daily rate index and cross-referenced industry sources. They are not APRs and do not represent the rate you will be offered. Your actual rate depends on your credit score, loan amount, down payment, property type, and lender. All monthly payment figures above are illustrative estimates for principal and interest only and do not include taxes, insurance, or HOA fees. Rates change daily. Better Mortgage is a licensed mortgage lender. Loan approval is subject to underwriting review; not everyone who applies will be approved. NMLS #330511.
Mortgage News Daily rate index is updated weekdays at approximately 4 PM EST. Same-day figures not yet posted at time of publication will be updated upon daily index release.