U.S. Mortgage Rates Fall: 30-Year Fixed Drops to 6.28% on June 2

U.S. mortgage rates moved lower on Tuesday, June 2, 2026, with the average 30-year fixed rate falling 5 basis points to 6.28%, according to Zillow's lender marketplace. The 15-year fixed loan dropped 7 basis points to 5.70%, while the 5/1 adjustable-rate mortgage declined 10 basis points to 6.35%. Refinance rates followed a similar path, with the 30-year refinance average at 6.30%. The declines come as industry forecasts project rates will remain near current levels through 2027. The Mortgage Bankers Association expects the 30-year fixed rate to stay around 6.50%, while Fannie Mae predicts it will hold near 6.30% for the rest of 2026 and 6.20% in 2027. For a $400,000 mortgage, the 15-year term at 5.65% would generate a monthly principal and interest payment of roughly $3,300, compared to $2,447 for a 30-year loan at 6.19%, though total interest paid on the shorter term is $194,047 versus $481,021.