30-year mortgage rates decrease - Should you wait? | Today's mortgage and refinance rates, July 1, 2026

Average mortgage rates were mostly lower compared to last week, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM moved lower.

Mortgage rates have been fluctuating, but within a narrow range. The average rate for a 30-year, fixed-rate mortgage continues to be around 6.5%. Fixed mortgage rates are tied directly to 10-year bond yields, and higher bond yields in recent months mean mortgage rates are also up from their 2026 low of 6.09%.

An apparent peace deal between the U.S. and Iran could portend lower mortgage rates. High oil prices had been a major driver of inflation. On the other hand, inflation is still running hot. The personal consumption expenditures (PCE) price index increased by 3.4% in May from a year ago, the Bureau of Economic Analysis reported June 25.

“Inflation’s already climbing, not cooling, and the Fed’s 2% target is in another ZIP code,” says Denise McManus of APEX Residential Real Estate.

Still, some experts suggest mortgage rates could drop in the near team, particularly if inflation recedes. “Now that oil is flowing again and dropped below $70 a barrel, bonds and mortgage-backed securities have responded nicely,” says James Sahnger of C2 Financial Corp. “Look for rates to continue a little lower in response.”

Bankrate’s Mortgage Rate Variability Index stood at 3 out of 10 for the week of June 22, indicating a lower-than-average amount of differentiation in the mortgage offers on Bankrate.

Rates as of 07/01/2026.

Today's average 30-year fixed-mortgage rate is 6.47 percent, an increase of 0.11 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.52 percent.

At the current average rate, you'll pay $75.61 for every $100,000 you borrow. That's up $0.87 from what it would have been last week.

The average rate you'll pay for a 15-year fixed mortgage is 5.88 percent, down 0.09 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $100.49 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 5.75 percent, down 0.01 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 5.75 percent would cost approximately $70.03 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

The average jumbo mortgage rate is 6.57 percent, down 0.06 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was lower, at 6.71 percent.

At the current average rate, you'll pay $0.48 per month in principal and interest for every $100,000 you borrow. That's down $0.48 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.64 percent, down 0.09 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed refinance was lower, at 6.68 percent.

At the current average rate, you'll pay $70.03 per month in principal and interest for every $100,000 you borrow. That's down $0.01 per $100,000 compared to last week.

To get the best mortgage rate, follow these steps to strengthen your application:

• Grow your credit score: Make all your payments on time and pay off outstanding debt to grow your credit score. A higher score will unlock a better rate, with the best rates going to those with a score of 780 or higher.
• Shop around: Your financial details could earn you very different rates from different lenders. By comparing offers from different lenders, you could save thousands of dollars.
• Lock your rate: Most lenders offer the ability to lock your rate, which will protect you if rates go up. This can help you take advantage of dips in the market. Ask your lender if they offer a float-down option, which will allow you to adjust your rate downward if market rates dip lower.
• Put more money down: A higher down payment means you have more equity, which translates to less risk for your lender. You’ll get a better offer due to this decrease in risk.

A rate lock can prevent your mortgage rate from rising and weakening your buying power. Many homebuyers choose to lock their rates after their offer on a home has been accepted, but you can lock sooner than that if you think rates will rise before you find a home. Before you lock your mortgage rate, ask your lender:

• How much does it cost to lock a rate? Many lenders offer free rate locks, but only for a certain time frame. Ask about any rate lock fees or lock extension fees.
• How long does the rate lock last? The typical initial rate lock lasts 30 to 60 days, though some lenders do 90-day initial locks. Beyond that, you’ll need to ask for an extension.
• If rates drop, will I be able to take a lower rate? Some lenders allow you to take a lower rate after you lock in, known as a float-down lock. If your lender offers this, be sure you understand the details, including if there’s an additional fee or rate change threshold.

Mortgage rates declined at the beginning of 2026, but changed course in March. The lowest rate for the year so far was 6.09% on February 18. Since then, rates have risen nearly 40 basis points and currently sit in the mid-6% range.

At the beginning of the year, Bankrate projected rates could fall as low as 5.7%. The war in Iran was a complete wildcard, driving up oil prices and 10-year Treasury yields, with mortgage rates following suit. Even now that the war appears to be resolved, the economic disruptions it caused will take some time to work out.

Where they’ll go the rest of the year depends on a few things: the effectiveness of the resolution to the war in Iran, new economic data and how the Fed responds to these changing factors.

Learn more: Bankrate’s weekly mortgage rate analysis

• Latest mortgage news this week
• Compare current mortgage rates for today

The mortgage rates in this story are derived from our national rate and APR averages. Bankrate's mortgage rates include these national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• "Top offers": Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate's how we collect, display and report mortgage rates.