Mortgage rates fell this week, with the 30-year fixed rate averaging 6.63%, down from 6.67% last week, according to Bankrate’s latest lender survey.
Current mortgage rates
The 30-year fixed mortgages in this week’s survey had an average total of 0.26 discount and origination points. Discount points are a way to lower your mortgage rate, while origination points are fees lenders charge to create, review and process your loan.
Learn more: Will mortgage rates go down this upcoming week?
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Monthly mortgage payment at today’s rates
The national median family income for 2026 is $106,800, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in June 2026 was $440,600, according to the National Association of Realtors. Based on a 20% down payment and a 6.63% mortgage rate, the monthly principal and interest payment of $2,258 amounts to about 25% of the typical family’s monthly income.
Meanwhile, home prices are still rising — the National Association of Realtors reports the median home price was up 1.3% over the past year, and the median of $429,300 was an all-time high for the month of May. However, values have begun to dip in many formerly hot markets. The S&P Cotality Case-Shiller index released in late May showed national home prices grew just 0.7% in the past year. That was the weakest showing since 2011, when prices fell 3.9%.
What will happen to mortgage rates in the rest of 2026?
The Federal Reserve said last month that its benchmark rate will remain unchanged, a decision that was “unanimous and unambiguous,” said Kevin Warsh, the new chairman of the central bank.
Inflation retreated in June to 3.8%, down from May. Oil prices have also spiked amid the conflict in Iran, pushing inflation up and lifting mortgage rates from their 2026 low of 6.09%. The Federal Reserve has opted to hold its benchmark rate steady at recent meetings, and now it’s possible that the Fed might raise rates as early as September. Rising inflation has been the main driver of higher mortgage rates — the consumer price index has pushed well above the Fed’s 2% target.
Housing economists no longer expect mortgage rates to fall below 6% in the near future, a reality that’s affecting home sales. Higher mortgage rates, still-record home prices and persistent inflation are likely to push the brakes further on home sales.