US mortgage rates hover around 6.5%, experts advise credit strengthening and shopping around

Securing a mortgage or refinancing a current home loan in the U.S. presents challenges, with high interest rates and limited housing inventory impacting affordability. However, prospective buyers and homeowners can still find favorable options, especially with a strong credit profile and application. It is crucial to understand current mortgage rates before applying.

As of June 8, 2026, the average interest rate for a 30-year fixed mortgage stands at 6.50%, with a 15-year mortgage averaging 5.88%. For refinancing, the average rates are 6.78% for a 30-year term and 5.87% for a 15-year term. These national averages may vary based on individual factors like location, creditworthiness, and loan type.

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Over the past two years, as the Fed has increased interest rates, borrowing has become more expensive. For example, in 2020 you could lock in a mortgage rate between 2-3% easily. Nowadays mortgage rates are closer to 6-7%. If the Fed stops raising rates then I'd anticipate mortgage rates to also stop going up. That's good news for borrowers.

"Over the past two years, as the Fed has increased interest rates, borrowing has become more expensive," notes Taylor Jessee, CFP and founder of Impact Financial. "For example, in 2020 you could lock in a mortgage rate between 2-3% easily. Nowadays mortgage rates are closer to 6-7%. If the Fed stops raising rates then I'd anticipate mortgage rates to also stop going up. That's good news for borrowers."

To improve the chances of qualifying for a great rate, experts emphasize strengthening one's credit profile. Borrowers with credit scores in the mid- to high-700s or above typically receive the best rates and have more options, according to the Consumer Financial Protection Bureau. Key steps include paying bills on time, checking credit reports for errors, and avoiding multiple loan applications close together. Shopping around and comparing offers from different lenders, including those beyond your current mortgage provider, is also highly recommended.

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The best rates go to borrowers with credit scores in the mid- to high-700s or above. These borrowers typically also have the most choices available to them.