Mortgage Rates Reach Lowest Level In Years

Freddie Mac reports 30-year mortgage rates dip below 6% for first time since 2022

Mar. 3, 2026 at 1:31am

Got story updates? Submit your updates here. ›

Mortgage interest rates have reached the lowest level seen in years, according to Freddie Mac. The average 30-year mortgage rate is now down to 5.98%, marking the first time rates have hit below 6% since 2022. Mortgage rates have been gradually coming down since reaching a peak of 7.8% in October 2023.

Why it matters

Lower mortgage rates can make home buying more affordable for consumers, potentially boosting the housing market. This trend could signal an easing of the high inflation and interest rate environment that has impacted the economy in recent years.

The details

Freddie Mac, the government-sponsored mortgage company, reported that the average 30-year fixed-rate mortgage fell to 5.98% as of Thursday. This is the first time rates have dipped below 6% since 2022. Mortgage rates have been steadily declining after reaching a high of 7.8% in October 2023.

  • Mortgage rates peaked at 7.8% in October 2023.
  • As of Thursday, the average 30-year mortgage rate is now 5.98%.

The players

Freddie Mac

A government-sponsored mortgage company that tracks and reports on mortgage rate trends.

Got photos? Submit your photos here. ›

The takeaway

The drop in mortgage rates below 6% for the first time in years could provide a boost to the housing market and make home buying more accessible for consumers, signaling a potential easing of the high-inflation, high-interest rate environment that has impacted the economy.