Mortgage rates have fallen to their lowest level in roughly a month. The drop is real. But for the millions of Americans who have been waiting on the sidelines for rates to come down meaningfully before buying a home, the math may not be working in their favour.
The average rate on a 30-year fixed-rate mortgage fell to 6.47% as of mid-June 2026, according to a weekly survey by mortgage buyer Freddie Mac. That is down from 6.52% the prior week and a full 34 basis points below the 6.81% recorded a year ago. The 15-year fixed-rate mortgage, a product often favoured by refinancing homeowners, decreased to 5.81% over the same period.
