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

MoneyWatch: Managing Your Money Should you lock in a mortgage interest rate before the June Fed meeting? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson June 2, 2026 / 1:57 PM EDT / CBS News Add CBS News on Google 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...