Navigating the mortgage market can be challenging, especially with today's interest rates. As of June 1, 2026, the average mortgage rates are 5.86% for 15-year loans and 6.49% for 30-year loans, while refinance rates are 5.74% and 6.62%, respectively. Despite these higher rates compared to previous years, borrowers can still secure competitive terms by focusing on their credit profiles. Taylor Jessee, a financial expert, notes that those with credit scores in the mid- to high-700s tend to receive the most favorable rates. To improve your chances, it is advisable to pay bills on time, check for errors on your credit report, and avoid applying for new loans close to your mortgage application. Additionally, comparing offers from various lenders can reveal better rates and terms, especially for refinancing. When choosing a mortgage, consider the loan term and associated fees, as these can significantly impact your monthly payments. Ultimately, while the current environment presents challenges, there are still viable options for both new homebuyers and those looking to refinance.