US mortgage rates drop below 6% for the 1st time in nearly 4 years

In an aerial view, two-story single family homes line the streets of neighborhood on January 13, 2026 in Thousand Oaks, California. (Kevin Carter/Getty Images)

(NEW YORK) — The rate on a 30-year fixed mortgage dropped below 6% for the first time in nearly four years, according to new data from Freddie Mac.

Rates have been hovering around 6% this year and averaged 6.76% last February.

“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week’s milestone,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season.”

This is a developing story. Please check back for updates.

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