economy
February 23, 2026
Mortgage rates just dropped below 6%, matching lowest level since 2022
Mortgage rates dropped below 6%, matching their lowest levels since 2022, as economic concerns over tariffs and a recent GDP report cause bond yields to drop.
TL;DR
- Average 30-year fixed mortgage rate fell to 5.99%, matching the lowest level since 2022.
- The decline is attributed to a stock market sell-off, dropping bond yields, and concerns over tariffs and economic weakness.
- Lower rates are likely to increase mortgage refinancing applications, which are already significantly higher than a year ago.
- Buyers will have more purchasing power, and an estimated 5.5 million additional households could now qualify for a mortgage.
- While purchase mortgage applications have not seen a major jump yet, historical data suggests a potential increase in homebuyers.
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