Mortgage rates dip below 6% for first time since 2022
The average long-term US mortgage rate fell below 6% this week for the first time since late 2022, which is good news for homebuyers as the spring homebuying season kicks off.
Freddie Mac reported that the benchmark 30-year fixed-rate mortgage dropped to 5.98% from 6.01% last week.
A year ago, the rate was at 6.76%, showing a significant decrease over time.
This year, the average rate has been staying close to 6%.
This recent decrease in mortgage rates, marking the third consecutive decline, brings it closer to its lowest level since Sept. 8, 2022, when it stood at 5.89%.
Various factors influence mortgage rates, including the Federal Reserve’s interest rate decisions and bond market investors’ economic and inflation expectations. Typically, they align with the movement of the 10-year Treasury yield, which serves as a reference point for lenders in setting home loan rates.
As of midday Thursday, the 10-year Treasury yield was at 4.02%, down from approximately 4.07% a week earlier.
While mortgage rates have been on a downward trend for several months, leading to increased home sales in the last quarter of 2025, the housing market has not fully recovered from the slump that began in 2022 due to rising mortgage rates.
Existing home sales remained stagnant last year at levels not seen in 30 years.
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