Mortgage rates fall below 6% for the first time since 2022

February 27, 2026

TL;DR

The 30-year fixed-rate mortgage has dropped to 5.98%, its lowest point since September 2022.
This decrease offers potential financial breathing room for homebuyers as the spring season approaches.
Mortgage rates have been trending lower due to Federal Reserve actions and shifting economic factors.
Despite lower rates, the housing market has not fully recovered from its post-pandemic slump due to high home prices and inventory shortages.
The Trump administration is taking steps to address home affordability, including purchasing mortgage bonds and potentially banning institutional buyers.
Many homeowners have locked in rates below 5%, making them less likely to sell at current rates.
Refinancing applications have increased, and adjustable-rate mortgages (ARMs) are seeing more interest due to lower initial rates.

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