Delta of a one-year at-the-money call at 6% rates

A one-year European call is struck at the current stock price; the rate is $6\%$ and the stock pays no dividends. Is its delta larger or smaller than $0.5$, and what determines this?

Larger than $0.5$. At the money $d_1 = \frac{(r + \frac12\sigma^2)T}{\sigma\sqrt T} > 0$, so $\Delta = N(d_1) > 0.5$. Both the positive rate (the forward sits above the strike) and the $\tfrac12\sigma^2$ term from lognormal skew push it up.