02/28/2026
Mortgage Rates Dip Below 6%, Energizing Spring Market!
The average United States 30-year mortgage rate dropped below 6% this week for the first time since late 2022, offering encouraging news for buyers as the spring housing season begins. The benchmark 30-year fixed rate declined to 5.98%, down from 6.01% last week, according to Freddie Mac. A year ago, the rate was at 6.76%. Meanwhile, the 15-year fixed mortgage rate fell to 5.44%
Mortgage rates have hovered near the 6% mark for much of the year. This latest decrease (the third consecutive weekly drop) brings the 30-year rate close to its lowest level since September 8, 2022, when it reached 5.89%.
Several factors influence mortgage rates, including interest rate decisions by the Federal Reserve and bond market expectations around economic growth and inflation. Rates typically track the yield on the 10-year Treasury note, which lenders use as a benchmark for pricing home loans.
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