Average long-term U.S. mortgage rates have fallen below 6% for the first time since late 2022, signaling a potential boost for the spring home-buying season. This decline to 5.98% from the previous week's 6.01% could encourage prospective homebuyers, though the market remains cautious after a slump.
The average long-term U.S. mortgage rate fell below 6% on Thursday for the first time since late 2022. The reduced rate signals positive news for prospective homebuyers as the spring home-buying season approaches.
The benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.76%.The average rate has been hovering close to 6% this year. This latest dip, its third decline in a row, brings it to its lowest level since Sept. 8, 2022, when it was 5.89%."Assuming rates stay below 6%, buyers and sellers are going to start getting back into the market," Lisa Sturtevant, chief economist at Bright MLS, told The Associated Press. "March is when the spring home-buying 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 home-buying season."Mortgage rates have been trending lower for months, helping drive a pickup in home sales the last four months of 2025, but not enough to lift the housing market out of its slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.However, with the average rate on a 30-year mortgage now below 6% as the annual spring home-buying season begins, it could encourage prospective home shoppers who can afford to buy at current rates to shop for a home this spring.In November, President Donald Trump and administration officials signaled that they're planning to develop a 50-year mortgage that they think could expand access to homeownership, though experts are cautioning the longer-term mortgages could hamstring homebuyers.RELATED: Trump's 50-year mortgage proposal: What would it mean for homebuyers?Trump posted on his Truth Social platform with a graphic showing pictures of "Great American Presidents" including Franklin D. Roosevelt, who was in office when the 30-year mortgage was popularized, and himself to suggest he will develop a 50-year mortgage.Financial industry experts responded to the 50-year mortgage proposal with skepticism, noting it would likely come with a higher interest rate than a traditional 30-year mortgage and the longer duration would increase the cumulative interest paid by borrowers.
Mortgage Rates Housing Market Homebuying Spring Season Interest Rates
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What are today's mortgage interest rates: February 27, 2026?Hoping to buy a home or refinance your current one? Here are the mortgage interest rates to know first.
Read more »
Mortgage rates fall below 6% for first time since 2022A key milestone for homebuyers: the average 30-year mortgage rate has fallen below 6% for the first time since 2022. Here's what to know.
Read more »
Mortgage rates at 3.5-year low; Is that a game changer for home buyers?Mortgage rates have dropped below 6% for the first time in three and a half years, according to Freddie Mac.
Read more »
U.S. Mortgage Rates Dip Below 6%, Signaling Potential Spring Housing Market BoostAverage long-term U.S. mortgage rates have fallen below 6% for the first time since late 2022, potentially revitalizing the spring home-buying season. This news comes as the industry considers the implications of a proposed 50-year mortgage.
Read more »
Mortgage rates dip below 6% for first time more than three years, but affordability challenges continueFreddie Mac rates fell below 6% for first time since 2022, for a 30-year fixed mortgage.
Read more »
U.S. Mortgage Rates Dip Below 6% for the First Time Since 2022, Signaling Positive Outlook for Spring Home-Buying SeasonThe average 30-year fixed-rate mortgage in the U.S. has fallen below 6%, providing a boost to the housing market and potentially spurring increased activity during the upcoming spring home-buying season. This decrease comes after months of declining rates and contrasts with ongoing discussions regarding a proposed 50-year mortgage plan.
Read more »