06/12/2026
The 30-year fixed-rate mortgage inched up to 6.52% this week, a small increase over last week’s rate of 6.48%. At this time last year, the FRM averaged 6.84%.
Rates could remain elevated in the near term as energy prices continue to put upward pressure on the overall price level. The May Consumer Price Index rose 4.2% from last year and reached its highest level since April 2023, while core inflation remained more contained. Ongoing uncertainty around U.S.-Iran negotiations and a stronger-than-expected labor market raised the floor under mortgage rates but will likely keep the Fed funds rate unchanged when the central bank meets next week.
With inflation expected to inch up in the months ahead, the case for a more hawkish policy stance later this year has strengthened, and mortgage rates could climb further before easing again.