Homebuyers and owners hoping to refinance started 2026 with cautious optimism. Mortgage interest rates declined by around a full percentage point from January 2025 to January 2026, and while a Federal Reserve rate cut wasn't expected to start the year, many anticipated it would arrive later in 2026. But with the war with Iran, surging oil prices and a growing inflation rate, rates here reversed course. Under 6% as recently as mid-April, they increased by more than half a percentage point amid global and domestic market uncertainty.

As attempts to end the war continue, however, market conditions have changed slightly. And that could lead to positive developments in the mortgage interest rate space, especially if the Federal Reserve indicates an openness to additional interest rate cuts in its meeting this week. To better understand the value of a home purchase or refinance, it helps to know where mortgage rates stand right now, as of June 16, 2026. That's what we'll outline below.

Start by seeing how low of a mortgage rate you would be eligible for here.

What are today's mortgage interest rates?

The average mortgage interest rate on a 30-year mortgage is 6.37% as of June 16, 2026, according to Zillow. The median rate for a 15-year term is 5.87%. That's down significantly from last month when these rates sat at 6.62% and 6%, respectively, on May 21. If borrowers take the time to shop around and consider the alternative ways to secure a below-average rate, they may even be able to find one below 6% this month. 

That said, rates here change daily, and they may be poised to change significantly this week depending on what comes out of the Fed's latest meeting. So if these rates fit your budget now, even if they're imperfect, they may be worth locking in to protect against any volatility still ahead.

Learn more about your mortgage rate lock options here.

What are today's mortgage refinance rates?

The average mortgage refinance rate on a 30-year mortgage is 6.70% as of June 16, 2026, according to Zillow. The median refi rate for a 15-year term is now 5.79%. These, too, are lower than they were on May 21, when they sat at 6.87% and 6%, respectively. So if either represents a rate differential of half a percentage point to a full percentage point off your current loan rate, they may be worth pursuing now. 

Just be sure to carefully calculate your mortgage refinancing closing costs, too, which can reduce the savings you may otherwise secure with a lower rate. Borrowers should also plan on remaining in the home long enough to recoup those costs. If they're planning to move or sell before that point, then a refinance will typically not be worth it.

The bottom line

The average mortgage rate on a 30-year purchase is 6.37%, and it is 5.87% for a 15-year alternative as of June 16, 2026. The average refinance rate on a 30-year term, meanwhile, is 6.70%, and it is 5.79% for a 15-year loan. While these may not be the rates borrowers were accustomed to receiving at the start of the decade, for example, they're about in line with historic averages and noticeably improved from where they were in recent weeks. With some time spent shopping around and employing alternative ways to lock in below-average rates, borrowers may find that the rate offers they ultimately receive are affordable enough to support a purchase or refinance action.