Should you lock in a mortgage interest rate before the June Fed meeting?

Around 99%. That’s the likelihood that the Federal Reserve will continue to keep interest rates on pause when it meets again on June 16 and June 17, according to the CME Group’s FedWatch tool. Now at a range of 3.50% to 3.75%, the central bank hasn’t cut rates since December 2025. Despite that pause, however, borrowing costs have largely increased in recent months, with mortgage interest rates noticeably impacted. After declining by around a full percentage point in 2025for example, mortgage rates reversed course this spring and are now averaging around 6.5% for 30-year purchase terms, more than half a percentage point above where they were in Decemberfor example.

Still, mortgage interest rates have improved compared to what many borrowers were being offered in 2023 through 2025. There are still viable ways in which borrowers can secure rates under 6% now, and, historically, today’s rates are still much lower than what borrowers were offered in past decades. Understanding this, then, many may be contemplating the benefits of a mortgage interest rate lock now, before the June Fed meeting even begins. But is that the right move to make, or should homebuyers and owners looking to refinance continue to hold?

For many, a lock could actually make sense. Below, we’ll explain why.

Start by seeing what mortgage interest rate you qualify for here.

Why you should lock a mortgage interest rate before the June Fed meeting

Here are three reasons why a mortgage interest rate lock before the June Federal Reserve meeting makes sense for borrowers:

You can still find a rate under 6%

There are still ways that qualified borrowers can find a rate under 6% now. While that will require a good-to-excellent credit scoretime spent shopping around for rates and lenders, and potentially even an adjustable-rate mortgage (ARM), it can be found.

And, when you do locate it, it will be worth locking in. You can always float it down before closing or refinance in the future, but that sub-6% rate that’s hard to find now could become impossible to track down once the Fed’s June meeting has had a chance to reverberate through the broader borrowing climate.

Learn more about your mortgage rate lock options here.

Rates could rise even without a formal Fed rate hike

While there’s virtually no chance that the Fed will cut rates when it meets again this month, mortgage interest rates could rise even without a formal move from the bank. If officials talk about higher rates for longer in the post-meeting press conference, for example, lenders could respond by increasing their rate offers to borrowers.

Remember, lenders don’t have to follow the Fed’s moves directly, and that’s been clearly shown this year as mortgage rates rose even in the absence of an official Fed rate hike. Don’t be surprised if that dynamic continues this June, though you can avoid it by locking in a lower rate right now.

You can finally proceed with the buying or refinancing processes

Waiting around for an ideal mortgage rate to surface isn’t just stressful; it also slows the buying and refinancing processes down substantially. In the interim, you could (or may have already) lost out on your dream home to buy. Or maybe you’ve continued to pay exorbitant amounts of interest with your current rate when a lower, albeit less ideal one, has already been available.

Locking in a mortgage rate now, however, before the June Fed meeting potentially impacts them again, will allow you to finally proceed with the buying or refinancing processes. Remember, too, that the rate you lock in now doesn’t have to be the one you keep forever, just the rate that allows you to proceed with your homebuying or refinancing plans for the time being.

The bottom line

A mortgage interest rate lock won’t work for every borrower. But, for many, it could make sense now, before the June Fed meeting even begins. With the potential to still find a rate under 6% high now, the likelihood of rates rising even without a formal Fed rate hike later in the month is significant, and the peace of mind knowing that you can finally proceed with your buying or refinancing plans, a rate lock could be the smart move to make now. And with online marketplaces listing rates, lenders, terms and more, it’s easier than ever to get started right away, before rates experience any other adverse changes.