Mortgage rates set the monthly cost of buying a home, and in 2026 they remain the single biggest affordability factor. Here’s where they stand, from the most-cited benchmark.
Dated snapshot, not a quote. The figures below are the Freddie Mac PMMS weekly averages as of June 18, 2026. Rates change weekly — check the official PMMS and a lender’s Loan Estimate for your personal rate. This is informational only.
Where rates sit
| Loan term | This week (Jun 18, 2026) | Year ago |
|---|---|---|
| 30-year fixed | 6.47% | 6.81% |
| 15-year fixed | 5.81% | 5.96% |
Both are down year-over-year, continuing a gradual drift lower — but they are still roughly double the sub-3% lows of 2021. See the live numbers and context on the rates page.
Why rates are where they are
Fixed mortgage rates track the 10-year US Treasury yield plus a spread that lenders and bond investors add for risk and profit. That’s why:
- Rates can rise even when the Federal Reserve holds its short-term rate — the bond market sets the base.
- A wider spread (during volatility or prepayment uncertainty) lifts mortgage rates relative to Treasuries.
We explain this in what is mortgage rate spread?.
What it means for buyers
At 6.47%, the monthly payment on a $320,000 loan over 30 years is far higher than it would have been in 2021 — which is why refinancing has stayed muted: only about 24% of 2023 originations were refinances. Most activity is purchase loans from buyers who need to move regardless of rate.
Run your own numbers on the mortgage calculator, pre-filled with today’s 6.47% average, to see the payment for a given price and down payment — or work backward from a monthly budget.
Sources
Rates are from the Freddie Mac Primary Mortgage Market Survey (PMMS), captured as a dated snapshot. Origination figures are from the HMDA Data Browser (2023). See our methodology.