Mortgage rates have been a hot topic for homebuyers and refinancers alike, especially as we’ve seen them bounce around in recent years. After spiking to historic highs in 2023, mortgage rates seemed to cool down toward the end of last year. Now, with potential rate cuts looming and the broader economic landscape showing signs of recovery, mortgage rates are moving in favor of buyers once again.
For qualified borrowers, there are opportunities to secure mortgage rates under 6%, and it might be possible to find even better deals by September’s end. Let’s break down the most effective strategies to lock in a mortgage rate below 6% right now.
The Current Mortgage Rate Climate
In 2023, mortgage rates reached some of their highest levels in decades, as the Federal Reserve raised interest rates to combat inflation. However, last September saw a temporary drop in rates, driven by a significant Fed rate cut. Unfortunately, the effects of the low rates didn’t last long, as economic conditions quickly reversed course.
Fast forward to summer 2025, and mortgage rates are finally dipping again. Last week, the 30-year mortgage rate dropped to its lowest level in 11 months, averaging around 6.50%. But buyers who remember the historic lows of the early 2020s are still looking for rates well below that figure.
How to Secure a Mortgage Rate Under 6%
Even though rates have fallen in recent months, qualified borrowers with good credit scores may be able to find a mortgage rate under 6%. Here are three strategies to consider:
1. Consider Adjustable-Rate Mortgages (ARMs)
An adjustable-rate mortgage (ARM) can be a powerful option for borrowers who want a lower initial interest rate. Contrary to popular belief, ARMs don’t change as frequently as people think. They are usually fixed for a set period (like 5, 7, or 10 years), after which the rate may adjust annually.
For example, a 7/1 ARM, which offers a fixed rate for the first 7 years, is currently averaging 5.97%, according to Money.com. While the rate may increase after 7 years, this could still be a solid option for buyers who plan to refinance or sell within that timeframe. And keep in mind, if you shop around for lenders, you may find an even lower rate.
2. Shop Around for Lenders
One of the most effective ways to secure a mortgage rate below the current average is to shop around for different lenders. Rates can vary significantly from one lender to another, and you may be able to find a rate as much as 0.50% to 1% lower than the published national averages.
For example, if the average rate sits at 6.50%, it’s possible to find rates between 5.50% and 6.00%. However, this requires time and effort, as you’ll likely need to have your credit checked multiple times. Still, this could save you thousands of dollars over the life of your loan, especially if you avoid refinancing in the near future.
3. Time the Market Strategically
Timing the market is one of the trickier options, but it can be highly rewarding if you’re able to act quickly. How to get a mortgage rate under 6% this September. Mortgage rates typically respond to economic signals, especially Federal Reserve actions. How to get a mortgage rate under 6% this September. For example, rates dropped significantly last September when the Fed announced a major rate cut, and there are expectations of another rate cut this month.
If you can time your mortgage application to coincide with favorable economic reports or Fed announcements, you could lock in a better rate. This can be a bit of a gamble, but it might pay off if you act swiftly once the Fed’s rate cut announcement comes on September 17.
Final Thoughts
With mortgage rates finally trending downward, there’s a real opportunity for homebuyers and homeowners looking to refinance to secure a rate below 6%. However, the rate climate remains volatile, so it’s important to be strategic in your approach.
By considering ARMs, shopping around for lenders, and timing the market effectively, you may be able to secure a mortgage rate well below the average 6.50% and potentially even enter the 5% range.
Remember, rates can fluctuate quickly, so it’s crucial to stay informed and ready to act when the right opportunity presents itself.
For more tips and advice on managing your mortgage and personal finances, check out other articles in our Moneywatchsection.
