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All rates in this article are national average rates. They're not APRs, which show the total cost of borrowing, and they're not specific to any individual borrower.
Mortgage rates today, July 1, 2026, average 6.54% for a 30-year fixed loan and 6.12% for a 15-year fixed loan, based on Mortgage News Daily's daily rate index.
Rates have moved in a narrow range over the past week, edging up slightly today as bond markets absorbed quarter-end portfolio rebalancing on top of elevated inflation and a Federal Reserve holding its benchmark rate at 3.50%–3.75% under Chair Kevin Warsh.
The national average is a benchmark, not a personal quote. Your actual rate depends on credit score, down payment, loan type, and lender. If you're weighing a purchase or refinance, the next step is checking a personalized, no-credit-impact rate rather than relying on the national number alone.
Today's Mortgage Rates by Loan Type
Here's where mortgage rates stand today across the most common loan types, based on Mortgage News Daily's daily index:
| Loan Type | Rate | Change vs. Yesterday |
|---|---|---|
| 30-Year Fixed | 6.54% | +0.02% |
| 15-Year Fixed | 6.12% | +0.00% |
| 30-Year Jumbo | 6.75% | +0.00% |
| 7/6 SOFR ARM | 6.21% | -0.01% |
| 30-Year FHA | 6.09% | +0.02% |
| 30-Year VA | 6.12% | +0.03% |
These are national averages, not guaranteed offers. Your actual rate depends on your credit score, down payment, loan amount, debt-to-income ratio, and lender. Example figures are illustrative only.
For context, Freddie Mac's weekly survey (as of June 25) put the 30-year fixed at 6.49% and the 15-year fixed at 5.84%, while the MBA's weekly survey (as of June 24) showed the 30-year fixed at 6.59%.
The gap between these figures and MND's daily number reflects real methodology differences — weekly lender surveys vs. a daily index with slightly different loan criteria. Neither is "wrong"; they're measuring slightly different things.
What's Moving Rates This Week
Rates have been unusually stable lately. The 30-year fixed has moved no more than 0.02% day-over-day since last Thursday. Today's small uptick traces back to a few forces converging at once: some of the largest institutional bond investors rebalancing portfolios for quarter-end, and this morning's job openings data for May coming in above forecast, a mild negative for bonds. Thursday's June jobs report carries far more weight for near-term direction.
Layered on top of that short-term noise is the bigger macro picture: inflation remains elevated, with recent readings on the personal consumption expenditures (PCE) price index running near 3.4% year-over-year — well above the Fed's 2% target.
The Federal Reserve has held its benchmark rate steady at 3.50%–3.75% under new Chair Kevin Warsh, and the tone has stayed cautious rather than dovish. Separately, geopolitical developments tied to Iran and the Strait of Hormuz have added volatility to oil prices, which feeds into inflation expectations and, from there, into Treasury yields.
Fed Policy vs. Mortgage Rates
It's a common misconception that a Fed rate cut immediately lowers mortgage rates. It doesn't work that way. The Fed sets the federal funds rate — the overnight rate banks charge each other — not the rate on a 30-year mortgage.
Mortgage rates track much more closely with the 10-year U.S. Treasury yield, which currently sits near 4.46%. What determines mortgage rates walks through the full mechanism, including how mortgage-backed securities (MBS) pricing factors in.
When inflation runs hot, as it has recently, bond investors demand higher yields to compensate for the erosion in purchasing power, and mortgage rates move with those yields, regardless of what the Fed's benchmark rate is doing.
30-Year vs. 15-Year vs. ARM: Which Fits Your Situation
The right loan type depends on your timeline and cash flow, not just the headline rate.
- A 30-year fixed at 6.54% is the most common choice: lower, predictable monthly payments, but more total interest over the loan's life.
- A 15-year fixed at 6.12% carries a meaningfully higher payment but builds equity faster and cuts total interest paid substantially — best for borrowers who can absorb the payment and plan to stay put.
- A 7/6 SOFR ARM at 6.21% fixes for seven years before adjusting every six months. Right now the ARM-to-fixed gap is unusually narrow, which mutes the typical ARM savings argument. If you're considering one, it's worth understanding whether you can refinance an ARM loan into a fixed-rate mortgage before the adjustment period begins.
Borrowers using government-backed programs should compare options directly: FHA vs. conventional loans and, for eligible veterans and service members, VA loans vs. conventional loans carry different qualification requirements and costs than a standard conforming loan. Borrowing above the conforming loan limit? Jumbo vs. conventional loans is worth a read before you shop rates.
Compare loan types with the mortgage calculator
Refinance Rates Today
If you're considering a refinance rather than a purchase, refinance rates run a bit above purchase rates today. Bankrate's survey puts the national average 30-year refinance rate at 6.64% and the 15-year refinance rate in the 6.07%–6.16% range, depending on whether the figure reflects the base rate or the APR (which bakes in fees and points).
Refinancing makes the most sense in specific scenarios: shortening your term to build equity faster, converting an ARM to a fixed rate before an adjustment, consolidating higher-interest debt through a cash-out refinance, or meaningfully lowering your rate from where you're currently locked.
With most homeowners still holding rates well below 6%, a rate-motivated refinance isn't the right move for everyone right now — the math depends on your current rate, how long you plan to stay, and your break-even timeline once closing costs are factored in.
Should You Lock Your Rate Today
A rate lock guarantees your quoted interest rate for a set window, typically for 30 to 60 days, while you finish closing. Given how narrow the daily moves have been this week, locking comes down to your timeline more than a bet on where rates head next.
If you're within 30–45 days of closing and today's rate fits your budget, locking removes the risk of rates climbing before you close. Longer closings can often get extended locks, sometimes with float-down options that let you capture a lower rate if the market improves. It's also worth knowing that mortgage rates are negotiable to some degree, and shopping around for mortgage rates across multiple lenders — rather than accepting the first quote — is one of the highest-value steps a borrower can take, since even a 0.25% difference compounds meaningfully over a 30-year term.
Frequently Asked Questions
What is the average mortgage rate today, and is it a good day to lock?
Today's national average is 6.54% for a 30-year fixed and 6.12% for a 15-year fixed. Whether it's a "good day" to lock depends less on the headline number and more on your closing timeline. If you're within 30–45 days of closing and the rate fits your budget, locking removes the risk of rates rising before you close.
I have a 760 credit score and 20% down. Will I actually get 6.54%, or something lower?
The 6.54% figure is a national average across all credit profiles. Borrowers with a 760+ credit score and at least 20% down typically qualify for pricing below the national average, since strong credit and lower loan-to-value both reduce lender risk. Your actual rate depends on the specific combination of your credit, down payment, loan type, and lender.
Why did mortgage rates go up slightly today when the Fed didn't change anything?
Mortgage rates track the 10-year Treasury yield, not the Fed's benchmark rate directly. Today's small increase reflects quarter-end bond market rebalancing and stronger-than-expected job openings data, not a Fed policy change. The Fed has held its rate steady at 3.50%–3.75%.
Should I get a 30-year fixed or a 15-year fixed if I plan to stay in my home for at least 10 years?
A 10-year horizon is long enough that the faster equity build and lower total interest of a 15-year fixed become meaningful, provided the higher monthly payment fits your budget. If cash flow flexibility matters more, a 30-year fixed with optional extra principal payments offers a middle path.
Is it risky to take an ARM right now given how close ARM rates are to fixed rates?
When the gap between ARM and fixed pricing narrows, as it has now, the usual savings argument for choosing an ARM weakens. You'd be accepting future rate-adjustment risk for little or no upfront discount, which makes a fixed-rate loan the more straightforward choice for most borrowers unless your situation specifically calls for an ARM.
I make $95,000 a year with $400 in monthly debt. What rate range should I expect on a $350,000 loan?
Income alone doesn't set your rate. Lenders weigh debt-to-income ratio, credit score, down payment, and loan-to-value together. Your DTI here would likely fall within a workable range for most lenders, but the specific rate still depends on credit and down payment. A personalized rate check is the only way to get an accurate number.
Does refinancing make sense today if my current rate is 7.1%?
Potentially, yes. With 30-year refinance rates averaging 6.64% today, a homeowner at 7.1% could see a meaningful rate reduction. Whether it's worth doing depends on your remaining loan balance, how long you plan to stay in the home, and your break-even timeline once closing costs are factored in — run the numbers before deciding.
How long can I lock a mortgage rate before it expires?
Most rate locks last 30 to 60 days, timed to your expected closing date. Some lenders offer longer locks for an additional cost, and float-down options that let you capture a lower rate if the market improves before you close. Talk to your loan officer about what's available for your timeline.
The Bottom Line
Mortgage rates today sit at 6.54% for a 30-year fixed and 6.12% for a 15-year fixed, holding in a narrow range shaped by quarter-end market dynamics, elevated inflation, and a cautious Fed under Chair Kevin Warsh.
The national average is a starting point, not your rate. Credit score, down payment, and loan type move the number up or down from here. Whether you're buying or refinancing, the most useful next step is seeing where you actually land.
Rates and examples in this article are for illustrative purposes only and reflect national averages as of July 1, 2026. Actual rates, payments, and terms vary based on credit profile, loan details, and lender. This is not a commitment to lend.