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Michael J. Highfield, Provost and Executive Vice President, Mississippi College; Mississippi State University

US mortgage rates are staying high – and the Fed can do very little about it

US Federal Reserve United States Donald Trump Inflation
Even though the Fed cut interest rates in 2024 and 2025, mortgage rates have stayed high, frustrating many would-be homebuyers. AP Photo/Jenny Kane

U.S. homebuyers can’t get a break.

The 30-year mortgage rate has been stuck at recent highs well above 6% and now averages 6.48%, according to the data released on June 4, 2026, by Freddie Mac, which bundles and sells home loans. That marks another blow for Americans hoping to buy a home or refinance their current mortgage that had been locked in at similarly steep rates. It’s also a sharp jump since February 2026, when the financing cost of a 30-year mortgage had dropped as low as 6%.

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