Mortgage Rates Update: Tuesday, June 2, 2026

Good news for homebuyers and homeowners looking to refinance—mortgage rates are going down today. Here's what you need to know.

Today's Mortgage Rates for Home Purchases

If you're looking to buy a home, here are the current average rates based on Zillow data:

The 30-year fixed rate dropped by 5 basis points (0.05%) from yesterday. The 15-year fixed rate fell by 7 basis points, and the 5/1 ARM decreased by 10 basis points.

Today's Refinance Rates

If you already own a home and want to refinance your mortgage, here are today's average rates:

Keep in mind that refinance rates are typically slightly higher than rates for buying a new home.

30-Year vs. 15-Year Mortgages: Which Is Better?

15-year mortgages usually have lower interest rates than 30-year loans. You'll also pay much less in total interest over the life of the loan. However, your monthly payments will be higher because you're paying off the loan in half the time.

Here's an example:

• 30-year mortgage at 6.19% on a $400,000 loan = about $2,447 per month. You'd pay around $481,000 in interest over 30 years.

• 15-year mortgage at 5.65% on a $400,000 loan = about $3,300 per month. You'd pay only about $194,000 in interest over 15 years.

If the higher monthly payment of a 15-year loan is too much, you can still save money by making extra payments on a 30-year mortgage whenever you can.

Fixed-Rate vs. Adjustable-Rate Mortgages

Fixed-rate mortgages keep the same interest rate for the entire loan. Your payment stays predictable month after month.

Adjustable-rate mortgages (ARMs) start with a fixed rate for a set period, then the rate can go up or down based on market conditions. For example, a 7/1 ARM keeps your rate locked for 7 years, then adjusts every year after that.

ARMs sometimes offer lower starting rates, but there's a risk your rate could increase later. Recently, ARM rates have actually been starting higher than fixed rates, so they may not always be the better deal.

What's Next for Mortgage Rates?

Experts have different predictions for the rest of 2026 and beyond:

• Mortgage Bankers Association (MBA) expects rates to stay around 6.50% through 2026 and 2027.
• Fannie Mae is a bit more hopeful, predicting rates near 6.30% for the rest of 2026 and around 6.20% in 2027.

Important Note

These rates are national averages. The rate you qualify for depends on your location, credit score, income, and other personal financial factors. It's always a good idea to shop around and compare offers from multiple lenders.

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