Mortgage rates fall below 6%, matching lowest level since 2022

quote:

---

Mortgage rates just dropped below 6%, matching lowest level since 2022
by Diana Olick
Feb 23 2026

Key Points
• The average rate on the popular 30-year fixed mortgage fell to 5.99% Monday.
• That matches the lowest level since 2022.
• Applications to refinance a home loan are about 130% higher than they were a year ago.

The average rate on the popular 30-year fixed mortgage fell to 5.99% Monday, according to Mortgage News Daily, matching their lowest levels since 2022. Last year at this time the rate was 6.89%.

The drop in yields is due to a combination of factors, including new uncertainty over tariffs, cooling inflation and economic weakness shown in a lackluster GDP report Friday.

While rates briefly dipped into the 5% range for a few hours in January, they bounced back that same day. That is unlikely this time around, according to Matthew Graham, chief operating officer at Mortgage News Daily.

“This visit to the high 5's looks more sustainable on paper,” Graham said. “As long as the broader bond market doesn’t sell-off in any major way, mortgage rates stand a better chance of remaining closer to present levels than they did last time. And if the broader bond market improves further (i.e. 10yr yields dipping under 4.0%), mortgage rates would likely make incremental gains.”

The drop in rates will likely incite more refinancing, which has been surging over the last several weeks. Applications to refinance a home loan are about 130% higher than they were a year ago, according to the Mortgage Bankers Association.

LINK

---