Should you lock in a mortgage interest rate before the June Fed meeting?

A mortgage interest rate lock could be advantageous for buyers and owners looking to refinance now. Pla2na/Getty Images Around 99%. That's the likelihood that the Federal Reserve will continue to keep interest rates on pause when it meets again on June 16 and June 17, according to the CME Group's FedWatch tool. Now at a range of 3.50% to 3.75%, the central bank hasn't cut rates since December 2025. Despite that pause, however, borrowing costs have largely increased in recent months, with mortgage interest rates noticeably impacted. After declining by around a full percentage point in 2025 , for example, mortgage rates reversed course this spring and are now averaging around 6.5% for 30-year purchase terms, more than half a percentage point above where they were in December , for example. Still, mortgage interest rates have improved compared to what many borrowers were being offered in 2023 through 2025. There are still viable ways in which borrowers can secure rates under 6% now, and, historically, today's rates are still much lower than what borrowers were offered in past decades. Understanding this, then, many may be contemplating the benefits of a mortgage interest rate lock now, before the June Fed meeting even begins. But is that the right move to make, or should homebuyers and owners looking to refinance continue to hold? For many, a lock could actually make sense. Below, we'll explain why. Start by seeing what mortgage interest rate you qualify for here . …