Mortgage rates today: June 5, 2026

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

The average 30-year fixed mortgage rate is 6.52% on June 5, 2026, stable compared to yesterday and about 44 basis points lower than this time last year. The 15-year fixed rate sits near 5.72%, and the 5/1 adjustable-rate mortgage (ARM) averages around 6.45%.

Rates have remained elevated throughout the spring, pulled higher by the ongoing geopolitical conflict in the Middle East, which has pushed oil prices up and kept inflation above the Federal Reserve's 2% target. The Fed held the federal funds rate steady at its last meeting, the third consecutive hold, and markets are pricing in near-zero chance of a cut at the upcoming June 16–17 meeting.

What does this mean for homebuyers? Rates are higher than many hoped heading into spring, but they are meaningfully below the 7% to 8% range seen in late 2023 and 2024. If you're actively shopping, knowing today's numbers and what's driving them puts you in a better position to decide when and whether to lock. Your actual rate will depend on your credit score, down payment, loan amount, and loan type.

Today's mortgage rates at a glance

Loan type	Average rate
30-year fixed	6.52%
15-year fixed	5.72%
5/1 ARM	6.45%
30-year fixed refinance	6.71%
15-year fixed refinance	6.07%

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

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Keep in mind these figures reflect today's market averages. The rate you're actually quoted will vary based on your financial profile. You can visit today's mortgage rates on Better's rate dashboard to see personalized numbers based on your loan scenario.

What's driving mortgage rates right now

Mortgage rates are swayed by a mix of economic signals, investor behavior, and, increasingly this year, events happening far outside U.S. borders.

The conflict in the Middle East and oil prices

The U.S. military conflict in the Middle East, which began in late February, has had a direct and lasting impact on mortgage rates. The mechanism works like this: military conflict in an oil-producing region raises supply uncertainty, which pushes crude oil prices higher. Higher oil prices increase the cost of transporting and manufacturing goods across the economy, which feeds directly into inflation metrics.

When inflation runs hotter than expected, bond investors demand higher yields to compensate for eroding purchasing power. The 10-year Treasury yield, which closely tracks mortgage rate movements, rises accordingly, and mortgage rates follow. According to recent market data, this dynamic alone has pushed rates roughly a quarter of a percentage point higher than they might otherwise be.

Negotiations have paused and resumed several times this spring, creating short windows where rates dipped before climbing back. The rate environment will likely remain volatile until there's a durable resolution.

Inflation and the Federal Reserve's response

The latest industry data shows inflation rising at an annual rate of 3.8%, the highest level since mid-2023. That reading, combined with a labor market that has shown resilience rather than the deterioration the Fed was watching for, has dramatically shifted rate-cut expectations.

At its most recent meeting, the Federal Open Market Committee (FOMC) held the federal funds rate steady in the 3.5%–3.75% range for the third consecutive time. Traders are currently pricing in less than a 3% probability of a rate cut at the June 16–17 meeting, according to recent industry data on futures pricing.

It's worth noting that the federal funds rate and mortgage rates are not the same thing. The Fed controls short-term borrowing costs between banks; mortgage rates are tied more closely to the 10-year Treasury yield and mortgage-backed security (MBS) spreads. But Fed posture still matters. It shapes market expectations and influences how investors price risk. Understanding what determines mortgage rates can help you contextualize what you're seeing in today's numbers.

What to watch this month

June is a pivotal month for rate-watchers. The Federal Reserve's June 16–17 meeting will include the release of the Summary of Economic Projections (SEP) — the first since the conflict meaningfully reshaped inflation expectations. The March SEP was relatively optimistic about inflation easing and suggested a path toward rate cuts through 2027. That forecast was written before the economic impact of the conflict was fully visible.

The June SEP will be closely watched for any upward revision to the Fed's inflation projections and any reduction in the number of expected rate cuts. If central bankers signal fewer cuts ahead, markets may push mortgage rates slightly higher. If the projections are more dovish than feared, rates could soften.

Beyond the Fed, any significant development on the geopolitical front would also move rates. Industry economists project that a genuine ceasefire or resolution could bring mortgage rates down by 0.20%–0.25% relatively quickly, as oil prices and inflation expectations would both ease. But analysts caution that even a ceasefire may not unwind inflation pressures immediately.

Should you buy or wait?

This is the question most potential homebuyers want to ask, and the honest answer is: it depends on your situation more than the national rate average.

Rates in the mid-6% range are elevated compared to 2020–2021, but they're materially lower than the 7%–8% environment buyers faced in 2023 and 2024. Industry economist forecasts suggest rates are more likely to drift toward 6% than spike to 8%, particularly if the geopolitical situation improves or inflation cools.

If you're planning to keep a home for five or more years, waiting for a rate that's half a point lower may cost you more in lost appreciation and competing-buyer pressure than the rate savings would provide. If you're on a tighter timeline or budget, locking in today's rate through a fully online lender can give you certainty while keeping you ready to refinance if rates drop materially.

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 worth asking about if you're concerned about locking in now.

If you're weighing timing carefully, read about why mortgage rates are going up and consider how to shop around for mortgage rates. Understanding the spread between lenders can save you as much as locking at the perfect moment.

How your rate is determined

The national averages you see in rate tables are a starting point, not a promise. Your actual mortgage rate is shaped by a combination of factors that lenders use to assess your risk as a borrower.

Credit score is one of the most significant. A borrower with a score of 760 or above typically qualifies for rates near the top of the market. A score in the 680–700 range may result in a rate that's 0.25%–0.75% higher. Scores below 660 can push rates higher still or affect which loan types are available.

Down payment size matters too. A down payment below 20% generally triggers private mortgage insurance (PMI) and may also affect your rate through loan-level price adjustments, which are pricing tiers that vary based on credit score and down payment combinations.

Loan type plays a role as well. A conventional loan, FHA loan, VA loan, and jumbo loan each carry different rate structures. Today's rates in the table above reflect conventional 30-year purchase and refinance products. Your rate may differ depending on which loan type fits your situation.

Loan amount, property type, and debt-to-income (DTI) ratio also factor in. If you want to see where you stand, getting a real rate quote through a fully online process takes less than three minutes and doesn't affect your credit score. Learn about the 30-year vs. 15-year mortgage to understand the tradeoffs in term length. You can also check whether mortgage rates are negotiable to see where you have room.

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Frequently asked questions

What are mortgage rates today, June 5, 2026?

The average 30-year fixed mortgage rate is approximately 6.52% today. The 15-year fixed rate averages around 5.72%, and the 5/1 ARM sits near 6.45%. These are national averages. Your rate will vary based on your credit score, down payment, and loan type.

Why are mortgage rates still so high in June 2026?

Rates remain elevated primarily because of the ongoing geopolitical conflict in the Middle East, which has pushed oil prices higher and stoked inflation. The Federal Reserve has responded by holding its benchmark rate steady rather than cutting, keeping borrowing costs higher across the board. Rates are lower than they were at their 2023 peak but have risen significantly since the early-2026 lows.

I'm under contract and need to close in 30 days. Should I lock my rate now or wait?

If you're 30 days from closing, locking your rate now is typically the smartest move. The near-term outlook doesn't offer clear downside for rates. The Fed is not expected to cut at its June meeting, and geopolitical uncertainty remains. Floating a rate in a volatile environment introduces more risk than the potential savings justify. Ask your lender about a mortgage rate lock and whether a float-down option is available.

Will mortgage rates go down after the geopolitical conflict ends?

Industry economists project that a resolution to the current conflict could bring mortgage rates down by roughly 0.20%–0.25%, as lower oil prices would ease inflationary pressure and allow the Fed more room to eventually cut rates. However, analysts caution that even a ceasefire may not immediately reverse inflation. And other factors, including labor market strength and Fed policy, would also shape the rate direction.

My credit score is 680. What mortgage rate can I realistically expect today?

A 680 credit score puts you in a range where you're likely to qualify for most conventional loans, but you'll pay a higher rate than a borrower with a score above 740. Depending on your down payment and loan amount, you may see a rate that's 0.25%–0.75% above the national average. Improving your score before applying, even by 20–30 points, can meaningfully reduce your rate. Getting a personalized quote is the best way to see your actual number.

How does the Federal Reserve's decision to hold rates affect my mortgage rate?

The Fed's benchmark rate doesn't directly set mortgage rates, but it influences them. When the Fed holds rates steady, it signals that it doesn't see sufficient reason to ease borrowing costs, which keeps Treasury yields, and in turn, mortgage rates, anchored. If markets begin to anticipate cuts, the 10-year Treasury yield often falls in advance, pulling mortgage rates down with it. That's why the June 16–17 Fed meeting and its Summary of Economic Projections will be closely watched.

What's the difference between a 30-year and 15-year mortgage rate today?

Today, the 30-year fixed rate averages about 6.52% while the 15-year fixed sits near 5.72%, a spread of approximately 0.80%. A 15-year mortgage carries a lower rate but higher monthly payments because you're paying off the principal faster. Over the life of the loan, the 15-year saves significantly on total interest. Read more about the 30-year vs. 15-year mortgage to understand which fits your situation.

The bottom line

Mortgage rates on June 5, 2026 are sitting in the mid-6% range — elevated relative to early-2026 lows, but meaningfully lower than the peaks seen in 2023 and 2024. The primary forces keeping rates elevated are ongoing geopolitical tensions, persistently high inflation, and a Federal Reserve that has little room to cut in the near term.

That said, buyers are still closing. The spring homebuying season is active, and for buyers who are financially ready, today's rates are workable, particularly if they understand how to shop around for mortgage rates and how to lock strategically. And if do mortgage rates go down in a recession is a question on your mind, the linked guide walks through the historical relationship.

If you're ready to see where you stand, a fully online rate quote takes less than three minutes and doesn't touch your credit score.

...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.