Mortgage Rates Dip Below 6%

This week, average long-term mortgage rates in the U.S. fell below 6% for the first time since late 2022. This is certainly welcome news for those looking to buy homes as the spring buying season kicks off.

According to Freddie Mac, mortgage rates for a 30-year fixed-rate mortgage dropped to 5.98%, down from 6.01% the previous week.

To put this in context, last year at this time, the average rate was significantly higher at 6.76%.

So far this year, rates have mostly hovered around the 6% mark.

Remarkably, this decline marks the third consecutive week of rate drops and is nearing the lowest level seen since September 8, 2022, when the rate stood at 5.89%.

Factors influencing mortgage rates include decisions made by the Federal Reserve on interest rates as well as expectations from bond market investors regarding the economy and inflation. These trends often align with the trajectory of the 10-year Treasury yield, which lenders look to when pricing mortgages.

As of Thursday afternoon, the 10-year Treasury yield was reported at 4.02%, a slight decrease from about 4.07% the previous week.

While mortgage rates have been generally declining over the past few months, contributing to a modest rebound in home sales during the last four months of 2025, it’s noteworthy that this hasn’t significantly improved the housing market overall. Remember, home sales are still experiencing lows not seen in 30 years.

In fact, last month’s home sales recorded the steepest drop in nearly four years, and the pace of sales is now the slowest it’s been in over two years.

Despite the more favorable rate environment this year, last month’s sales didn’t reflect that shift. However, with the beginning of the spring home buying season, having a mortgage rate below 6% might encourage potential buyers who feel they can manage current rates.

“If interest rates remain below 6%, we might see buyers and sellers gradually coming back to the market,” noted Lisa Sturtevant, chief economist at Bright MLS. “March typically marks the peak of the spring buying season, and with interest rates at their lowest in three and a half years, we could see that season take off.”