Last updated 06/11/2026. Rates are national averages from Freddie Mac and are not a loan commitment — your actual rate depends on credit, down payment, and loan type.
52-week trend
| Week of | 30-Year Fixed | 15-Year Fixed |
|---|---|---|
| 06/11/2026 | 6.52% | 5.84% |
| 06/04/2026 | 6.48% | 5.79% |
| 05/28/2026 | 6.53% | 5.87% |
| 05/21/2026 | 6.51% | 5.85% |
| 05/14/2026 | 6.36% | 5.71% |
| 05/07/2026 | 6.37% | 5.72% |
| 04/30/2026 | 6.30% | 5.64% |
| 04/23/2026 | 6.23% | 5.58% |
Source: Freddie Mac Primary Mortgage Market Survey, via the Federal Reserve Bank of St. Louis (FRED). National averages, updated weekly each Thursday. Cached for up to 6 hours.
National averages vs your actual rate
The numbers above are nationwide averages — useful for tracking the market trend, but they're not the rate you'll actually be offered. Your real rate depends on:
- Credit score. Each 20-point band typically moves your rate by 0.125–0.375%. A 760 score gets meaningfully better pricing than a 680.
- Loan-to-value (LTV). Less equity = higher rate. 80% LTV is the sweet spot on conventional loans.
- Loan size. Conforming loans (under $806,500 in Wayne County for 2026) price differently than jumbo loans.
- Property type. Primary residence rates beat second-home rates beat investment-property rates.
- Loan program. FHA, VA, USDA, conventional, jumbo all have different rate sheets.
- Points. Paying upfront points buys down your rate. Most rate quotes assume zero points unless specified.
- Lock period. Longer rate locks (60- or 90-day) cost slightly more than 15- or 30-day locks.
Two borrowers with the same loan amount can see rates differ by 0.5% or more based on those factors alone. Get a personalized quote — it's free, takes 15 minutes, and you'll know what your real rate looks like.
Why rates move
Mortgage rates track the 10-year Treasury yield more closely than they track the Fed funds rate that headlines focus on. The 10-year is driven by:
- Inflation expectations. Higher expected inflation = higher rates, because lenders need a real return after inflation eats their interest.
- Employment data. Strong jobs reports push rates up (more economic activity = more inflation pressure). Weak reports push them down.
- Fed policy commentary. Every Fed meeting and every speech by Fed governors moves the 10-year. The actual federal funds rate change matters less than what the Fed signals about future moves.
- Demand for mortgage-backed securities (MBS). When investors prefer MBS, mortgage rates fall. When they prefer Treasuries or stocks, mortgage rates rise.
The practical implication: lock your rate when you're satisfied with the quote, not when you think you can predict the bottom. Even professional bond traders can't time mortgage rates.
30-year vs 15-year: what the rate spread tells you
15-year mortgage rates are typically 0.5–0.75% lower than 30-year rates because lenders are taking less duration risk. The tradeoff is monthly payment: a 15-year amortizes the loan twice as fast, so the monthly principal-and-interest is higher even at the lower rate.
On a $300,000 loan at the rates shown above, the 30-year usually costs 30–40% less per month than the 15-year — but you pay roughly twice as much total interest over the life of the loan. The right choice depends on your cash flow and how aggressively you want to build equity.
Use these rates to estimate your savings
If you're considering a refinance, the rate above is a starting point. Plug your specific numbers into our refinance break-even calculator to see exactly how many months until the closing costs pay for themselves at today's rates.
Frequently asked questions
How often does this page update?
Rate data refreshes from FRED every 6 hours. Freddie Mac publishes new PMMS averages each Thursday morning. So the page reflects the most recent published average within hours of publication.
Why are mortgage rates higher than my savings account rate?
Because lenders bundle mortgages into mortgage-backed securities (MBS) and sell them to investors who demand a return above the risk-free Treasury rate. The "spread" between MBS and Treasuries is what mortgage rates ultimately reflect.
Can you beat the national average rate?
Often, yes. As a Michigan mortgage broker (NMLS# 2336339) we have wholesale rate sheets from multiple lenders and can usually quote below the published retail average. Get a quote and we'll show you exactly where your rate lands.
Should I lock or float my rate?
If you're closing in the next 30 days, lock. The cost of being wrong (rates going up) is usually higher than the upside of being right (small drop). Beyond 60 days out, floating is more reasonable but you have to be prepared for the rate to move against you.
Are these rates for primary residences only?
Freddie Mac PMMS averages reflect rates for owner-occupied primary residences with conventional financing. Investment property rates are typically 0.5–0.875% higher. Second-home rates are usually similar to primary residences. We can quote all of them.
See your real rate, not the national average
Free quote, ~15 minutes, no commitment. We'll pull your credit, run your scenario through multiple wholesale lenders, and show you the best rate you actually qualify for — which is often better than what you see on Bankrate or Zillow.
