Show summary Hide summary
Current mortgage rates dipped into the mid-6% range on June 4, 2026, with the 30-year fixed-rate mortgage averaging 6.48%, down from 6.53% the previous week. The 15-year fixed-rate mortgage fell to 5.79%, marking continued improvement in borrowing costs as the spring home-buying season progresses.
Quick Facts
- 30-year fixed rate on June 4, 2026: 6.48% (down 5 basis points from the prior week)
- 15-year fixed rate: 5.79% (down 8 basis points week-over-week)
- Year-over-year decline: 30-year rates are 0.37 percentage points lower than June 2025 (6.85% then)
- Mortgage rates remain in the mid-6% range with housing affordability marginally improving
Weekly Decline Signals Easing Pressure on Borrowers
The Freddie Mac Primary Mortgage Market Survey, the nation’s most widely watched mortgage rate benchmark, reported the decline on Thursday. The 30-year rate dropped 5 basis points (0.05 percentage points) from the prior week’s 6.53%, while the 15-year rate fell 8 basis points from 5.87%. These weekly declines reflect modest relief for homebuyers navigating an elevated rate environment that has persisted throughout much of 2026.
The rates are measured as an average of loan applications submitted to Freddie Mac by lenders nationwide. The survey captures rates offered to borrowers with strong credit, a 20% down payment, and no discount points paid. Individual borrowers’ rates will vary based on creditworthiness, down payment size, loan term, and lender fees.
Mary Barra faces bipartisan anger over GM’s 14,800 job cuts
Insurance reinsurance rates fall faster at June renewals, down to 25% on loss-free programs
Mid-6% Range Expected to Hold Through Summer
Multiple experts predict that mortgage rates will remain in the mid-6% range for the near term. Despite the slight weekly decline, rates remain elevated compared to the historically low levels seen in 2021 and early 2022. However, the current environment shows modest improvement in housing affordability: income growth is outpacing home price growth, according to Freddie Mac analysis, providing some relief to prospective buyers even as rates stay above 6%.
The 52-week range for the 30-year fixed rate spans from 5.98% to 6.84%, illustrating the volatility borrowers have experienced over the past year. The fact that current rates sit near the lower end of that range suggests some stabilization, though experts caution against expecting dramatic declines in the coming weeks.
Year-Over-Year Improvement for Long-Term Borrowers
For borrowers planning to hold their mortgages over the long term, the year-over-year picture is more encouraging. The 30-year fixed rate on June 4, 2026 (6.48%) is 0.37 percentage points lower than the same date in 2025 (6.85%). The 15-year fixed rate has declined 0.20 percentage points year-over-year, from 5.99% to 5.79%. These gradual declines reflect cooling inflation and shifting expectations about Federal Reserve policy, though rates remain well above the sub-3% levels that prevailed during the pandemic-era stimulus period.
Sources
- Freddie Mac — Primary Mortgage Market Survey (PMMS) data for the week ending June 4, 2026, including 30-year and 15-year fixed-rate averages, week-over-week changes, and year-over-year comparisons
- Money.com — Current mortgage rates and market analysis, confirming mid-6% range and housing affordability trends
