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Mortgage rates drop to lowest level since 2022

The average 30-year fixed rate fell to 6.01 percent this week: Freddie Mac

Long-term mortgage rates haven't been this low since September 2022

Buyers have stayed on the sidelines amid tight supply and high prices

The average 30-year fixed rate fell to 6.01 percent this week: Freddie Mac

Long-term mortgage rates haven't been this low since September 2022

Buyers have stayed on the sidelines amid tight supply and high prices

(NewsNation) — Mortgage rates fell again this week, dropping to their lowest level since September 2022.

The average 30-year fixed rate slid to 6.01 percent this week, down from 6.09 percent a week earlier, according to Freddie Mac. A year ago, the 30-year fixed averaged 6.85 percent.

“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners,” said Sam Khater, Freddie Mac’s chief economist.

Khater noted that refinance application activity has more than doubled over the past year, allowing recent buyers to reduce their annual mortgage payments by thousands of dollars.

Borrowing costs on 15-year mortgages, which are popular with homeowners refinancing, fell to 5.35 percent — the lowest since October 2024.

The latest rate relief follows a recent pullback in the 10-year Treasury yield, which mortgage rates closely track.

After spending the first part of 2025 hovering around 7 percent, long-term mortgage rates began trending lower in July as markets priced in the Federal Reserve’s upcoming rate cuts.

That decline has helped homebuyers regain some purchasing power, but it hasn’t been enough to bring them off the sidelines in a meaningful way.

Sales of previously occupied homes plunged 8.4 percent in January from the month prior — the biggest monthly decline in nearly four years, according to data from the National Association of Realtors (NAR).

Harsh winter weather likely contributed to the slowdown, but prices also played a role, rising to a January record of $396,800 amid tight supply. The increase in the median-home price marked the 31st consecutive month of year-over-year price gains, according to NAR.

Major housing forecasters expect the average 30-year fixed rate to hover in the low-6 percent range in 2026, suggesting further relief may be limited.

But even if rates do drop further, lagging supply means any extra rate help could erase the affordability boost many are hoping for, warned Jake Krimmel, senior economist at Realtor.com.

“Without a significant return of supply through the easing of the mortgage ‘lock-in effect,’ lower rates may simply reignite competition and spike prices,” Krimmel said.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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