Mortgage Rates Ease Broadly;
30-Year Fixed Dips to 6.298%

Mortgage rates drifted lower almost everywhere this week. Eight of the nine tracked products declined, and the lone riser, the 5/1 ARM, added just two thousandths of a point. The benchmark 30-year fixed slipped 0.007 points to 6.298%, back under the 6.30% line, and the cross-product average landed exactly at 6.00%. FHA held under 6.00% for a second week, and the thin 15-year jumbo dropped under the line with the week’s largest move. Rates remain elevated, but the drift this week was in the borrower’s direction.

📊 Full 9-product mortgage data tracked across all 50 states by MonitorBankRates.com.

NATIONAL: National mortgage rates eased almost across the board for the week ending July 6, 2026, with eight of the nine tracked products declining and the ninth essentially flat. The benchmark 30-year fixed mortgage rates slipped 0.007 points to 6.298%, back under the 6.30% line it has traded either side of for three weeks. The cross-product average fell to exactly 6.000% from 6.009%, sitting right on a line it has not been able to break below.

Both conventional fixed products declined, the shorter one faster. The 30-year fixed eased 0.007 points to 6.298%, while the 15-year fixed fell 0.016 points to 5.847%, the largest decline among the broad-pool products. Because the 15-year dropped more, the gap between the two widened to 0.451 points from 0.442, the third straight week that spread has stretched.

The ARM segment was quiet, and it held the week’s only gain. 5/1 ARM rates ticked up 0.002 points to 5.813%, a move small enough to call flat but still the lone riser on the board. The 3/1 ARM eased 0.003 points to 5.732%, ending its two-week climb, though its thin reporting pool keeps every move there in the noise category, and the 7/1 ARM slipped 0.004 points to 5.942%. With the benchmark falling while the 5/1 held, the ARM’s discount to the 30-year fixed narrowed to 0.485 points from 0.494.

Jumbo rates fell together this time. 30-year jumbo mortgage rates eased 0.008 points to 6.370%, moving almost in lockstep with the conforming 30-year and leaving its premium essentially unchanged at 0.072 points. The 15-year jumbo dropped 0.026 points to 5.979%, the largest move on the board for a second straight week, carrying it under the 6.00% line it had landed on a week ago. Both jumbo tiers run small reporting pools, so swings there say as much about thin samples as about the market.

Government-backed loans declined in near lockstep, and their order held. FHA loan rates eased 0.010 points to 5.969%, a second straight week under 6.00%, and VA loans fell 0.011 points to 6.047%. VA stays above FHA, with the gap between them at 0.078 points, effectively unchanged from 0.079. For buyers leaning on a low-down-payment loan, FHA settling in under 6.00% rather than bouncing back over it is the quiet good news of the week.

A quick word on what these numbers are. They are national averages, drawn from rates collected directly off lender websites. The rate a borrower is actually quoted depends on the state, the lender, the loan file, and the points paid. Someone comparing Ohio mortgage rates, for instance, can see how local lenders line up against this national benchmark before locking anything in.

Two flat-to-mixed weeks have given way to a genuinely one-directional one, even if no single move was large. Eight products down and one flat is the most uniform week the board has printed since the mid-June pullback, and it nudged the cross-product average to exactly 6.00%, a line it has hovered above all summer. The shape of the curve barely changed while the level slipped: the jumbo premium held, VA kept its perch above FHA, and the ARMs stayed bunched below the fixed products. What changed was that everything drifted down together.

Mortgage rates are not set by the Fed directly. They track the 10-year Treasury yield, and a broad, shallow decline like this week’s is what the averages do when that long yield drifts a touch lower, as it did after holding in the high-4.40% area through late June. The Fed held its benchmark on June 17, and that hawkish hold has kept the short end of the Treasury curve elevated, but the longer yield that sets mortgage pricing has stayed contained and this week gave a little ground. The pattern since mid-June has been relief, pause, and now a modest second helping of relief. Whether it extends depends entirely on the 10-year, and the next Fed meeting in late July is the next scheduled event that could move it.

For borrowers, a week where everything eases is worth more than the size of the moves suggests, because it puts the trend question back on the table. The 30-year fixed at 6.298% is only a few hundredths below where it started the summer, but the 15-year at 5.847% has quietly opened up a wider discount, now 0.451 points, which strengthens the math for anyone weighing a shorter term. Homeowners carrying a rate from the 7% stretch of 2023 and 2024 should keep an eye on this drift; a guide to when it makes sense to refinance covers the break-even logic, and a refinance calculator can put real numbers on it. Lender-by-lender changes live on the mortgage rate trends page.