U.S. Mortgage Rates Dip Below 6 Percent as Spring Buying Season Begins

The average long-term U.S. mortgage rate has officially slipped below the 6 percent mark for the first time since late 2022, energizing the real estate world just as the spring home-buying season begins to heat up. Freddie Mac reports the benchmark 30-year fixed mortgage rate now sits at 5.98 percent, edging down from 6.01 percent the previous week. By comparison, one year ago rates hovered at 6.76 percent.

This is the third straight week of declines and marks the lowest point since September 8, 2022, when rates stood at 5.89 percent. While rates have flirted with the 6 percent boundary for much of this year, this drop is capturing fresh attention among buyers, sellers, and seasoned real estate professionals alike.

What Is Driving the Decline?

Mortgage rates tend to move closely with the 10-year Treasury yield, which shifted to 4.02 percent from 4.07 percent the week prior. Economic expectations, inflation trends, and Federal Reserve policy each influence these shifts, directly shaping buyer affordability and industry confidence.

Despite gradual downward pressure on rates, the broader housing market has remained sluggish. Although home sales throughout 2025 showed slight improvement, activity remained far below long-term averages. Inventory shortages, elevated prices, and years of underbuilding continue to restrain many potential buyers.

Is This the Turning Point?

Industry experts suggest that dropping below the symbolic 6 percent threshold could finally push momentum forward. Chief economist Lisa Sturtevant of Bright MLS noted that if rates continue to hold under this level, both buyers and sellers may re-enter the market as spring unfolds. Historically, March signals the start of the busiest real estate season of the year.

Yet many homeowners remain locked into ultra-low pandemic-era mortgage rates. Roughly 69 percent of U.S. mortgage holders have rates at or below 5 percent, and more than half are at or below 4 percent. Rates may need to fall further before these owners feel motivated to list.

Refinancing and ARMs See Growing Interest

With rates easing, refinancing activity is ticking upward. Applications rose 0.4 percent last week, with refinances now making up 58.6 percent of all mortgage applications. Adjustable-rate mortgages, known for offering lower initial payments, also increased to 8.2 percent of all applications.

For the original report and more economic insights, visit PBS NewsHour:

https://www.pbs.org/newshour/economy/average-u-s-long-term-mortgage-rate-dips-below-6-for-the-first-time-since-2022