A month ago, the average 30-year fixed mortgage rate was higher by 26 basis points, and today it sits at 6.09%.
That is the lowest level since mid-March, and five lenders dipped below 6% APR in the latest weekly survey. The catch: rates also moved up seven basis points just from last weekend, so the trend is good while the week is not.
Zillow's national average for the 30-year fixed mortgage is 6.09%, down 26 basis points from a month ago but up seven basis points from last weekend.
The 15-year fixed is at 5.58%, which is 23 basis points lower than last month and six basis points higher than last week. Both moved the same direction, telling the same story.
Refinance rates are sitting just above purchase rates, with the 30-year refi at 6.14% and the 15-year refi at 5.63%.
Take a $300,000 mortgage at today's 30-year rate. The monthly principal-and-interest payment runs about $1,816, and over the life of the loan you would pay about $354,000 in interest on top of the loan itself.
Run the same $300,000 over a 15-year term at 5.58%, and the payment jumps to $2,464 a month while total interest drops to $143,521.
Same loan, different math. The 15-year saves you over $200,000 in interest if you can swing the higher monthly payment.
Don't expect a big drop from here. The Mortgage Bankers Association projects the 30-year rate to stay near 6.30% through the rest of 2026, while Fannie Mae sees it just above 6% by year-end.
Both forecasts assume the Fed is not cutting fast, even with Kevin Warsh on track to take over as Fed chair next month.
If you have been waiting for rates to break below 6%, five lenders are already there. The national average is not, and probably will not be in 2026.
