US 30-Year Mortgage Rate Falls Below 6%

The average rate on a 30-year fixed mortgage dropped to 5.98% as of February 26th, from 6.01% in the previous week to the softest level since September 2022, according to data from Freddie Mac. “For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week's milestone. This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage dropped to 6.01% as of February 19th, from 6.09% in the previous week to the softest level since September 2022, according to data from Freddie Mac. “Mortgage rates dropped again this week, now down to their lowest level since September of 2022. This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on a 30-year fixed mortgage eased to 6.09% as of February 12th, after loosely rising for three straight week from the lowest level since September 2022 of 6.06%, according to data from Freddie Mac. “Bolstered by strong economic growth, a solid labor market and mortgage rates at three-year lows, housing affordability continues to measurably improve. These factors have caught the attention of many prospective homebuyers, driving purchase application activity higher than a year ago,” said Sam Khater, Freddie Mac’s chief economist.