rewrite this title Mortgage Rates Today, Monday, June 22: A Little Higher – NerdWallet

Mortgage rates are up today as markets continue to respond to the Federal Reserve’s updated economic projections. With the possibility that borrowing costs may increase further before year-end, mortgage rates remain under upward pressure.

The average interest rate on a 30-year, fixed-rate mortgage rose to 6.39% APR, according to rates provided to NerdWallet by Zillow. This is six basis points higher than Friday and 24 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

The Fed doesn’t directly set mortgage rates, but its policy decisions are highly influential. For more on the Fed’s announcement and what it could mean for mortgage rates, keep reading below the chart.

🤓 Kate on Rates: June 18, 2026

Last week’s Federal Reserve meeting was the first of the Kevin Warsh era, and markets are still trying to digest everything that happened — and everything that didn’t happen. Yes, the Fed didn’t change the federal funds rate, but that was completely expected and definitely wasn’t the headline news coming out of this meeting.

Backing up for a second. In his confirmation hearings and at other speaking engagements, Warsh made no secret of his belief that the central bankers, and the chair in particular, talk too much. He had also expressed dislike for the Summary of Economic Projections, particularly the ‘dot plot’ which shows the bankers’ expectations for the federal funds rate.

And indeed, Warsh declined to participate in the dot plot. (Seeing 18 dots rather than 19 implied this was the case, but he confirmed this during the press conference.) Another significant change was the Fed’s official statement which was notably shorter than had been the norm and which dropped the “forward guidance” that’s usually included.

Then there was Warsh’s press conference, where he laid out some of his plans for the Fed (five task forces to take on areas of concern) and declined to answer any questions he felt were asking him to make a prediction, or even speak to a hypothetical. It’s also unclear what the cadence of future press conferences will be.

Some level of transparency is expected, and we did get that with the SEP. Unfortunately for mortgage rate watchers, the dot plot implied we could get a rate hike by the end of this year, with the median expectation for the funds rate rising just above its current level. What we could see wasn’t terribly optimistic — and the SEP was most of what we had to go on.

Refinancing might make sense if today’s rates are at least 0.5 to 0.75 of a percentage point lower than your current rate (and if you plan to stay in your home long enough to break even on closing costs).

With rates where they are right now, you may want to start considering a refi if your current rate is around 6.89% or higher.

There is no universal “right” time to start shopping — what matters is whether you can comfortably afford a mortgage now at today’s rates.

Rate locks protect you from increases while your loan is processed, and with the market forever bouncing around, that peace of mind can be worth it.

In addition to market factors outside of your control, your customized quote depends on your:

Even two people with similar credit scores might get different rates, depending on their overall financial profiles.

Maybe — but even personalized rate quotes can change until you lock. That’s because lenders adjust pricing multiple times a day in response to market changes.

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About the author

Abby Badach Doyle has been writing about homeownership and mortgages for NerdWallet since 2022. Her work has been featured in outlets including The Associated Press, The Washington Post and The Seattle Times. From interactive tools to practical advice, Abby is passionate about making the homebuying journey less stressful — especially for first-time buyers.

As a reporter, she is interested in writing about innovative housing solutions (like co-living) and personal stories about how homeownership builds community and a sense of belonging.

Abby is also a musician, songwriter and producer who knows the challenge of balancing creative fulfillment with financial stability. In 2024, she produced a special episode of NerdWallet’s “Smart Money” podcast on how to navigate income swings in a creative career.

Abby is based in Pittsburgh, a city defined by working-class grit and neighborly spirit. When she’s not writing about personal finance, she’s at her urban homestead: playing fiddle, raising chickens and preserving the bounty from her garden.