economy
February 28, 2026
Could mortgage interest rates ever be 3% again? 3 things to know this March
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TL;DR
- The average 30-year mortgage interest rate fell to 5.98% this week, the lowest since September 2022.
- Rates around 3% from 2020-2021 were an anomaly, not the historical norm; current rates are more typical.
- While rates have improved considerably from over 7% in January 2025, a return to 3% is unlikely in the foreseeable future.
- Waiting for lower rates this spring carries risks, including increased buyer competition and potential seller price increases.
- Borrowers should consider current rates competitive and consult with a mortgage lender for personalized options.
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