Key Takeaways

1. As of June 2026, average 30-year fixed mortgage rates range between 5.8% and 6.4%, down from a peak of 7.8% in late 2023
2. Improving your credit score by 50 points can lower your monthly mortgage payment by as much as $160 on a $400,000 loan
3. Comparing offers from at least 3 lenders can save you an average of $63,000 over the life of a 30-year mortgage
4. Rate locks typically last 15 to 45 days, and you should lock your rate as soon as it fits your closing timeline to avoid market volatility
5. 15-year fixed mortgages usually carry 0.5% to 0.75% lower interest rates than 30-year loans, cutting total interest costs by more than 50%
6. Discount points cost 1% of your loan amount per 0.25% rate reduction, and only pay for themselves if you stay in the home for 6+ years