Mortgage rates dip below 6% for first time since 2022

Mortgage rates dip below 6% for first time since 2022

The common long-term US mortgage fee slipped this week below 6% for the first time since late 2022, good news for residence customers as the spring homebuying season will get rolling.

The benchmark 30-year mounted fee mortgage fee fell to five.98% from 6.01% last week, mortgage purchaser Freddie Mac said Thursday.

One 12 months in the past, the fee averaged 6.76%.

The common fee has been hovering shut to six% this 12 months.

The 30-year mortgage fee hasn’t been this low since Sept. 8, 2022, when it was 5.89%. AP

This latest dip, its third decline in a row, brings it nearer to its lowest level since Sept. 8, 2022, when it was 5.89%.

Mortgage rates are influenced by a number of elements, from the Federal Reserve’s rate of interest coverage selections to bond market buyers’ expectations for the economic system and inflation.

They typically comply with the trajectory of the 10-year Treasury yield, which lenders use as a information to pricing residence loans.

The 10-year Treasury yield was at 4.02% at noon Thursday, down from round 4.07% every week in the past.

Mortgage rates have been trending decrease for months, serving to drive a pickup in residence sales the last 4 months of 2025, however not sufficient to carry the housing market out of its hunch relationship again to 2022, when mortgage rates started to climb from pandemic-era lows.

Sales of beforehand occupied properties remained caught last 12 months at 30-year lows. 

Mortgage rates have been trending decrease for months, serving to drive a pickup in residence sales the last 4 months of 2025. AP

And more buyer-friendly mortgage rates this 12 months weren’t sufficient to carry residence sales last month. 

They posted the greatest month-to-month drop in almost 4 years and the slowest annualized sales tempo in more than two years.

Still, with the common fee on a 30-year mortgage now below 6% as the annual spring homebuying season begins, it might encourage potential residence customers who can afford to purchase at current rates to buy for a house this spring.

“Assuming rates stay below 6%, buyers and sellers are going to start getting back into the market,” said Lisa Sturtevant, chief economist at Bright MLS. “March is when the spring homebuying 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 homebuying season.”

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