For the first time since 2022, average US long-term mortgage rate dips below 6%

Published: Thursday, February 26, 2026 at 5:06 pm

US Mortgage Rates Dip Below 6% for First Time Since 2022

By [Journalist Name], BNN News

The average long-term U.S. mortgage rate has fallen below 6% for the first time since late 2022, according to data released this week. This drop, a potential boost for the housing market, comes as the spring homebuying season gets underway.

The benchmark 30-year fixed-rate mortgage rate decreased to 5.98% this week, down from 6.01% the previous week. A year ago, the average rate was significantly higher, at 6.76%. This marks the third consecutive weekly decline, bringing the rate closer to its lowest point since September 8, 2022, when it stood at 5.89%.

Mortgage rates are influenced by various factors, including the Federal Reserve's interest rate policies and investor expectations regarding the economy and inflation. The 10-year Treasury yield, which lenders often use as a guide for pricing home loans, was at 4.02% at midday Thursday, down from approximately 4.07% a week earlier.

While mortgage rates have been trending downward for months, this has not yet fully revitalized the housing market. Despite a pickup in home sales during the last four months of 2025, sales of previously occupied U.S. homes remained at 30-year lows last year. Furthermore, the recent decline in rates did not prevent a significant monthly drop in home sales last month, marking the largest decrease in nearly four years and the slowest annualized sales pace in over two years.

However, the sub-6% mortgage rate could encourage potential homebuyers to enter the market this spring. Experts suggest that if rates remain below this threshold, it could stimulate activity in the market. The spring homebuying season typically begins in March, and the current rates could lead to a more active market.

BNN's Perspective: While the dip in mortgage rates is a positive development, it's important to remain cautious. The housing market faces complex challenges, and a single rate decrease may not be enough to fully reverse the existing trends. The coming months will be crucial in determining the true impact of these lower rates on the market's overall health and activity.

Keywords: mortgage rates, housing market, 30-year fixed rate, home sales, spring homebuying season, Federal Reserve, 10-year Treasury yield, inflation, economic outlook, home loans

Full Story