The drop stirred hopes for refis and spring buyers
US mortgage rates edged back below 6% this week for the first time since 2022, offering long-sidelined borrowers a rare window to improve payments and potentially reawaken a sluggish housing market.
Freddie Mac’s latest Primary Mortgage Market Survey for February 19 showed the average 30‑year fixed rate at 6.01%, down from 6.09% a week earlier and well below 6.85% a year ago.
The 15‑year fixed rate slipped to 5.35% from 5.44%. It marked the lowest level for the 30‑year benchmark since early September 2022, when it last dipped under 6%.
The move followed a retreat in the 10‑year Treasury yield, which hovered around 4.08% on Thursday afternoon, and came after months of rates grinding lower from their 2025 peaks.
“Mortgage rates dropped again this week, now down to their lowest level since September of 2022,” Sam Khater, Freddie Mac’s chief economist, said.
“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”
Jake Krimmel, senior economist at Realtor.com, linked the shift to softer inflation data and a friendlier read on the labor market.
“This dip from 6.09% last week follows a notable slide in the 10-year Treasury yield, which hit its lowest point since late November 2025 after last week’s softer-than-expected CPI reading and a relatively optimistic jobs report,” he said.
“There is a chance to be nearly a full percentage point lower than that this spring, which would meaningfully boost purchasing power.”
He also warned that market frictions have not disappeared. “However, the supply side remains mixed: new construction in 2025 finished behind 2024, and inventory growth has clearly lost steam,” Krimmel said. “If the mortgage lock-in effect doesn’t ease, lower rates could reignite competition in the market and lead to a spike in prices.”
Existing home sales in 2025 remained stuck at roughly 30‑year lows, even as late‑year rate declines pushed December transactions to their fastest pace in nearly three years. National Association of Realtors figures showed sales hovering around a 4‑million annual rate, far below the pre‑pandemic norm near 5.2 million.
At the same time, refinance‑driven volume already began to surge. The Mortgage Bankers Association reported in January that refi applications were up 183% year over year, with total applications jumping 14% week over week as borrowers rushed to capture lower rates.
Additionally, mortgage applications for new home purchases in January 2026 were up 2% year over year and 19% from December 2025, before any seasonal adjustment.
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