Mortgage Interest Rates Forecast

Taylor Getler
By Taylor Getler 
Updated
Edited by Johanna Arnone

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Mortgage rates this week

Fixed mortgage rates sank slightly in the week ending June 13, with 30-year fixed loans continuing last week’s decline below 7%.

  • The 30-year fixed-rate mortgage averaged 6.84% APR, down five basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

  • The 15-year fixed-rate mortgage averaged 6.11% APR, down eight basis points from the previous week's average.

  • The 5-year adjustable-rate mortgage averaged 7.73% APR, up one basis point from the previous week's average.

This week’s fixed mortgage interest rates were mildly better than last week, which can be partially attributed to two events: the Bureau of Labor Statistics released a slightly-better-than-expected Consumer Price Index report, which provides a way to measure inflation, and the Federal Reserve concluded its June meeting Wednesday.

The committee chose to keep interest rates flat, meaning that no precipitous drops in mortgage rates are likely, but Fed Chairman Jerome Powell made positive comments about the overall economy and the direction of inflation. As such, we can expect that rates will improve with time, but it will probably be months before we see major movement.

Mortgage loans from our partners

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5.0

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Mortgage loans from our partners

New American Funding - PURCHASE logo
Check Rate

on New American Funding

New American Funding

4.5

NerdWallet rating 
New American Funding - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
500

Min. down payment 
3.5%

Check Rate

on New American Funding

Better - PURCHASE logo
Check Rate

on Better

Better

4.5

NerdWallet rating 
Better - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on Better

NBKC - PURCHASE logo
Check Rate

on NBKC

NBKC

4.5

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NBKC - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
3%

Check Rate

on NBKC