US Mortgage Rates Rebound to 6%

The average rate on a 30-year fixed mortgage edged higher to 6% as of March 5th, from the softest level since September 2022 of 5.98% in the previous week, according to data from Freddie Mac. “Mortgage rates held steady at 6% this week, hovering near their lowest level since 2022. In fact, rates are down nearly a full percentage point from this time in 2024, spurring activity from buyers, sellers and owners. As a result, refinance activity is up, and purchase applications are ahead of last year’s pace,” said Sam Khater, Freddie Mac’s chief economist.

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.