The 30-year fixed mortgage rate in the United States drops below 6% for the first time since 2022

2026-02-24 12:27:20

Investing.com - According to Mortgage News Daily, the average interest rate for 30-year fixed-rate mortgages in the United States dropped to 5.99% on Monday, the lowest level since 2022.

This decline occurred after a stock market sell-off led investors to shift into bonds, causing yields to fall and mortgage rates to follow suit. A year ago, the rate was 6.89%.

The decrease in yields is attributed to new uncertainties surrounding tariff policies, cooling inflation, and the weak economic data shown in the GDP report released on Friday.

Matthew Graham, Chief Operating Officer of Mortgage News Daily, said that the current interest rate environment seems more sustainable than the brief dip into the 5% range in January. Graham stated, “Theoretically, reaching the high 5% range appears more sustainable this time. As long as the broader bond market does not experience any significant sell-off, mortgage rates are more likely to stay near current levels rather than drop further like last time. If the broader bond market improves further (i.e., the 10-year yield falls below 4.0%), mortgage rates could gradually decline.”

According to the Mortgage Bankers Association, mortgage refinance applications are about 130% higher than a year ago. The decline in rates may encourage more refinancing activity, which has already increased in recent weeks.

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