Mortgage rates are back below 6%, the lowest since 2022

Prospective homebuyers are seeing the lowest 30-year fixed mortgage rates since 2022.

The average rate on the 30-year fixed mortgage fell to 5.99% on Monday, according to the Mortgage News Daily Rate Index.

The drop ties the lowest level since 2022 and marks a sharp decline from 6.89% a year ago. In late 2023, rates surged to around 8%, the highest level in years.

The move came after a stock-market sell-off pushed investors into bonds. That lowered Treasury yields and mortgage rates as markets assessed the Supreme Court’s Friday ruling on President Donald Trump’s use of emergency tariff powers.

Lower home borrowing costs are expected to fuel refinancing activity, which has already been gaining momentum.

Applications to refinance a home loan are up roughly 130% from a year ago, according to the Mortgage Bankers Association’s survey for the week ending February 13.

Still, falling rates have yet to translate into a meaningful pickup in homebuying. Pending home sales declined 0.8% in January from the previous month and slipped 0.4% year over year, according to the National Association of Realtors.

“Improving affordability conditions have yet to induce more buying activity,” said Lawrence Yun, the chief economist at NAR, earlier this month.

But with mortgage rates near 6%, roughly 5.5 million additional households now qualify for a loan compared with a year ago, he said.

“Most newly qualifying households do not act immediately, but based on past experience, about 10% could enter the market—potentially adding roughly 550,000 new homebuyers this year compared with last year,” Yun added.

Beyond mortgage rates, other affordability pressures may also be easing.

As Business Insider’s James Rodriguez reported last month, median home prices were largely flat toward the end of 2025, and wage growth is expected to outpace price gains this year — potentially improving affordability further.