Mortgage Rates Edge Higher — 30-Year at 6.49%, Adding $40 to Monthly Payments vs Last Year
· Economics · MarketsFN Data Team
The 30-year fixed mortgage rate rose 2 basis points this week to 6.49%, pushing the monthly payment on a $400,000 loan to $2,526 as persistent inflation keeps upward pressure on borrowing costs.
The 30-year rate remains above its 3-month (6.41%), 1-year (6.34%), and 5-year (6.01%) averages, hovering near the middle of its 52-week range (5.98%-6.77%). At today’s rate, a $400,000 mortgage costs $2,526 monthly — $40 more than the $2,486 payment at last year’s slightly lower rate, highlighting the cumulative impact of rising rates.
Rates are tracking the 10-year Treasury yield (4.41%) and Fed Funds Rate (3.63%), with the 2.08-percentage-point mortgage-Treasury spread reflecting cautious lender risk pricing. The Fed’s inflation stance and bond market volatility continue to outweigh softening housing demand, keeping mortgage rates elevated despite recent economic cooling.
Watch for Fed commentary on rate-cut timing after June’s inflation data, plus May’s PCE report due Friday. Summer homebuying season may test rate sensitivity, but any Treasury yield dip could offer brief relief — if spreads don’t widen further.
Key Statistics at a Glance
| Week ending | June 26, 2026 |
| 30Y Fixed Rate | 6.49% |
| WoW change | ▲ 2.0 bps |
| YTD change | +33.0 bps |
| 15Y Fixed Rate | 5.84% |
| 15Y WoW | ▲ 3.0 bps |
| 3-month average | 6.41% |
| 1-year average | 6.34% |
| 5-year average | 6.01% |
| 52-week high | 6.77% |
| 52-week low | 5.98% |
| Fed Funds Rate | 3.63% |
| 10Y Treasury | 4.41% |
| Mortgage–10Y Spread | 2.08 pp |
| Monthly pmt $400k/30Y | $2,526 |
| vs 1 year ago | ▲ $39/month |