US Mortgage Rates Dip Below 6% for First Time Since 2022

Experts say lower rates could spur renewed homebuying activity in spring season

Published on Feb. 26, 2026

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The average long-term U.S. mortgage rate has slipped below 6% for the first time since late 2022, providing a potential boost to the housing market as the annual spring homebuying season begins. Mortgage rates have been trending lower for months, helping drive a pickup in home sales in the last four months of 2025, though not enough to lift the housing market out of its slump dating back to 2022 when rates began climbing from pandemic-era lows.

Why it matters

Lower mortgage rates could encourage more prospective home shoppers who can afford current prices to enter the market, potentially reviving the sluggish housing sector that has struggled with high rates and low inventory in recent years. This could provide a much-needed lift to the overall economy as the spring homebuying season traditionally marks a key period for real estate activity.

The details

The benchmark 30-year fixed rate mortgage fell to 5.98% this week, down from 6.01% the prior week and 6.76% a year ago. Mortgage rates are influenced by the Federal Reserve's interest rate policy and bond market expectations, generally following the trajectory of the 10-year Treasury yield. While home sales remained stuck at 30-year lows in 2025, the lower rates could encourage more buyers and sellers to re-enter the market this spring.

  • The average 30-year mortgage rate fell below 6% this week, the first time since late 2022.
  • Mortgage rates have been trending lower for months, helping drive a pickup in home sales in the last four months of 2025.

The players

Freddie Mac

A government-sponsored enterprise that provides mortgage financing in the United States.

Lisa Sturtevant

Chief economist at Bright MLS, a real estate data and analytics company.

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What they’re saying

“Assuming rates stay below 6%, buyers and sellers are going to start getting back into the market. March is when the spring homebuying season typically begins to ramp up and with rates at a three-and-a-half year low, it could be a barn burner of a spring homebuying season.”

— Lisa Sturtevant, Chief Economist (Associated Press)

What’s next

As the spring homebuying season gets underway, housing market analysts will be closely watching to see if the lower mortgage rates spur increased activity from both buyers and sellers in the coming months.

The takeaway

The dip in long-term mortgage rates below 6% for the first time since late 2022 could provide a much-needed boost to the sluggish housing market, potentially reviving buyer and seller interest as the crucial spring homebuying season begins. This could have broader economic implications if the lower rates help lift home sales from their recent doldrums.