Many homebuyers and owners looking to refinance started 2026 with cautious optimism. Mortgage interest rates, after all, had declined by around a full percentage point, on average, in 2025. And after the Federal Reserve cut rates three times in the final four months of the year, a pattern that had started in the final four months of 2024, it seemed like borrowers were on a slow but steady path toward greater affordability.

But that hasn’t exactly been the reality millions of borrowers have encountered so far in 2026. In fact, the mortgage rate climate has experienced remarkable swings both upward and downward. And while there have been opportunities for borrowers who were paying close attention to capitalize on lower rates, those moments have been fleeting and largely temporary.

 

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