Average US Long-Term Mortgage Rate Dips Below 6%

The decline marks the first time rates have fallen below 6% since late 2022.

Published on Feb. 26, 2026

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The average long-term U.S. mortgage rate slipped this week below 6% for the first time since late 2022, providing some relief for home shoppers as the spring homebuying season gets underway. Mortgage buyer Freddie Mac reported that the benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% the previous week.

Why it matters

Mortgage rates have a significant impact on housing affordability and the overall health of the real estate market. This decline below 6% could help spur more home buying activity after a period of higher rates that dampened demand.

The details

Mortgage rates are influenced by several factors, including the Federal Reserve's interest rate policy decisions and bond market investors' expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year Treasury yield was at 4.02% at midday Thursday, down from around 4.07% a week ago.

  • The average rate has been hovering close to 6% this year.
  • This latest dip, its third decline in a row, brings it closer to its lowest level since Sept. 8, 2022, when it was 5.89%.

The players

Freddie Mac

A mortgage buyer that provides data on mortgage rates.

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The takeaway

This decline in mortgage rates could provide a much-needed boost to the housing market, making homes more affordable for prospective buyers and potentially spurring increased activity in the spring homebuying season.