Mortgage rates for 30- and 15-year fixed loans fell on June 16, 2026, while adjustable-rate terms rose, according to Zillow’s latest lender survey, offering mixed signals for borrowers.

Key Highlights

  • The average 30-year fixed mortgage rate fell to 6.31% on June 16, 2026, marking a slight decrease.
  • The 15-year fixed rate dropped to 5.74%, while the 20-year fixed rate rose to 6.19%.
  • Adjustable-rate mortgages (ARMs) increased, with the 5/1 ARM at 6.31% and the 7/1 ARM at 6.32%.
  • Refinance rates remained above purchase rates, with the 30-year fixed refinance at 6.34%.
  • Current projections suggest mortgage rates will stay near recent levels in the coming months.

Mortgage rates showed contrasting movements on June 16, 2026, as fixed-term loans declined while adjustable-rate options rose. According to Zillow’s lender survey, the average 30-year fixed rate settled at 6.31%, providing a small reduction for potential homebuyers. The 15-year fixed rate also decreased to 5.74%, though the 20-year fixed rate climbed to 6.19%.

Adjustable-rate mortgages (ARMs) continued their upward trend. The 5/1 ARM held at 6.31%, while the 7/1 ARM reached 6.32%. These changes reflect ongoing market adjustments as lenders respond to economic conditions. VA loan rates remained favorable, with the 30-year VA fixed at 5.88% and the 15-year VA at 5.39%, offering savings for qualified borrowers.

Refinance rates followed a similar pattern, though they stayed above purchase rates. The 30-year fixed refinance rate was 6.34%, while the 15-year refinance rate fell to 5.82%. ARMs for refinancing also saw modest increases, with the 5/1 ARM at 6.25% and the 7/1 ARM at 6.35%. The difference between new loan and refinancing costs has influenced borrower decisions in recent months.

The outlook for mortgage rates suggests they will remain near current levels. Some analysts expect rates to stay around 6.5% through the end of the year, with little change anticipated in the near future. These projections indicate that borrowers may not see significant rate reductions soon.

For those considering refinancing, the current environment presents trade-offs. A $400,000 loan at 6.19% would result in higher monthly payments compared to a lower rate, though the exact figures depend on loan terms. Borrowers who can manage larger payments may benefit from shorter loan durations, which reduce total interest costs. Those seeking stability may prefer fixed-rate mortgages, even if initial rates are slightly higher than ARMs.

The gap between fixed and adjustable rates highlights the choices borrowers must weigh. While ARMs may start with competitive rates, their potential for future increases adds uncertainty. Recent trends show ARM rates aligning closely with fixed rates, reducing their traditional advantage. For borrowers prioritizing predictability, fixed-rate loans remain a popular option.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.