Alex Cristi/Getty Images 
Many homebuyers and owners looking to refinance started 2026 with cautious optimism. Mortgage interest ratesafter all, had declined by around a full percentage point, on average, in 2025. And after the Federal Reserve cut rates three times in the final four months of the year, a pattern that had started in the final four months of 2024, it seemed like borrowers were on a slow but steady path toward greater affordability.
But that hasn’t exactly been the reality millions of borrowers have encountered so far in 2026. In fact, the mortgage rate climate has experienced remarkable swings both upward and downward. And while there have been opportunities for borrowers who were paying close attention to capitalize on lower rates, those moments have been fleeting and largely temporary.
To better understand their current options, it helps borrowers to understand how mortgage rates have changed so far in 2026. With this knowledge, they can also gain an understanding of what’s likely to happen in this space this June. Below, we’ll break down everything homebuyers and owners need to know about mortgage rates now.
Start by seeing which mortgage rates you currently qualify for here.
Here’s how mortgage rates changed in 2026
It’s been a tumultuous year in the mortgage interest rate space, and we’re not even at the halfway mark of 2026. Mortgage purchase rates started the year, however, in what now appears to be an enviable space for borrowers. The average rate on a 30-year term was 5.99% on January 2 and just 5.38% for a 15-year option. And it largely stayed in that range in the weeks that followed. On January 14for example, these rates were 5.99% and 5.25%. They were almost identical on February 2: 5.99% and 5.37%, respectively. By the end of Februarythe 30-year term was down to 5.87%, and on March 2it had declined again, this time to 5.75%. With this just being an average from one source, qualified buyers were likely able to find rates even lower, too.
With the conflict in Iran, however, and surging oil prices and a growing inflation rate in March, the trajectory noticeably changed. On March 13for example, these rates had grown to 6.12% and 5.75%, respectively. And, by the end of Marchthe 30-year rate was even higher, coming in at an average of 6.37%. Still, there was optimism in April that the overseas conflicts could be resolved and that the market would stabilize, which was reflected clearly in the mortgage interest rate environment. Rates started in April a bit lower than they ended in March, with the 30-year term down to 6.25%, and by April 21borrowers were back where they started, with rates here 5.99% and 5.50% again.
The following days and weeks, however, have resulted in mortgage rates noticeably higher again. That was largely due to the Federal Reserve electing to keep interest rates frozen at its April meeting, incentivized to do so thanks to consistently rising inflation. So, by April 30rates here were back to 6.37% and 5.75%. And with no Fed meeting on the calendar in May and no resolution to overseas conflicts, not to mention the highest inflation rate in three years, rates have ticked up again this month.
On May 18for example, they were 6.49% and 6% and 6.62% and 6.12% on May 20. And by May 22, the 30-year term was back up to 6.50%, according to Zillow. Or, put another way, the average rate for a 30-year term has surged by almost 9% since January, all without the Federal Reserve even raising rates.
Still, it’s critical to remember that these rates are still improvements compared to what many were offered in 2023 and 2024. And, historically, they’re about in line with what borrowers were offered in the past few decades. It’s also important to note the benefits of a mortgage rate lockwhich can both protect borrowers from rate hikes ahead and allow them to start budgeting with precision and confidence now. That’s especially important for borrowers who anticipate additional rate hikes still ahead. But is that likely to happen this June?
Protect your finances with a mortgage interest rate lock now.
What could happen to mortgage rates this June
If you’re looking for lower mortgage interest rates this June, then you’ll want to look at what happens overseas. Depending on how the conflict with Iran evolves, mortgage rates will indirectly respond. If it’s resolved, and inflation and oil prices decline as a result, mortgage rates will tick down again, perhaps by a considerable degree.
Look, too, toward the next Federal Reserve meeting on June 17. With a new chairman and, potentially, a new approach to interest rate policy, mortgage interest rates could rise or fall based on what happens then. And continue to monitor the movement of the 10-year Treasury yieldwhich has been rising lately, though a drop there in June could correspond with newer, affordable mortgage rates for borrowers.
The bottom line
Between the beginning of January and the end of May, mortgage interest rates rose by close to 10%, on average. But there were affordable moments in which borrowers could have locked in a lower rate, and there still may be more of these opportunities in the weeks and months ahead. Monitoring the mortgage rate climate dailythen, becomes critical as these opportunities are unlikely to be as prevalent as they were in the past, though they still may be worth locking in if and when they present themselves again.