Mortgage rates dip below 6%

WASHINGTON, Feb. 28, 2026 — The average U.S. 30-year fixed mortgage rate fell to 5.98% this week, its first dip below 6% since September 2022, according to Reuters and CBS News.

Freddie Mac’s latest survey showed the rate edging down from 6.01% last week and 6.76% a year ago, while the 15-year fixed rate rose to 5.44%, figures reported by Fox Business and CBS News.

Economists cautioned that lower borrowing costs alone are unlikely to ignite a housing boom unless more homes come to market, a point emphasized by Reuters.

Inventory and rate-lock still bite

With many owners locked into mortgages below 5%, inventory remains tight and buyers face limited choices, a dynamic outlined by Reuters and NPR.

Housing economists say the sub‑6% mark is a psychological threshold that could coax some sellers and buyers back into the spring market, but only gradually, according to NPR and Reuters.

Mortgage applications have ticked higher largely because of refinancing activity, while purchase loans remain muted, NPR reported, underscoring that rate relief hasn’t yet fully thawed demand.

Market signals and policy backdrop

The 30-year mortgage rate continues to track the 10-year Treasury yield, which slipped this week amid market volatility, a relationship highlighted by Fox Business and Reuters.

Even with the recent decline, affordability remains strained; the median U.S. home price at the end of last year was about $405,000, according to NPR, and Money.com notes rates are still well above pandemic-era lows despite the new milestone.

Policymakers are also looking for ways to ease costs, including federal moves to purchase mortgage-backed securities to lower rates, an initiative detailed by CBS News.

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