Mortgage rates have hit their lowest level since 2022

Mortgage interest rates have dropped to their lowest level since September 2022, government-sponsored mortgage enterprise Freddie Mac reported.  

The 30-year fixed rate mortgage hit 6.01% Thursday, while the 15-year fixed rate mortgage dropped to 5.35%, Freddie Mac said. 

“Mortgage rates dropped again this week, now down to their lowest level since September of 2022,” said Sam Khater, Freddie Mac’s chief economist.  

Even though we are only two months into 2026, this is not the first time this year that interest mortgage rates have hit a new low. Last month, mortgage rates decreased to a 3-year low.  

These mortgage rate drops are great news for prospective homebuyers, as lower rates are making homeownership more affordable for those looking to enter the housing market or tap into their home’s equity through loans like a HELOC. 

Thinking of taking advantage of lowest mortgage rates since 2022? Start your home loan application today. 

The 30-year fixed-rate mortgage interest rate as of Feb. 19 is averaging 6.01%, while the 15-year fixed-rate mortgage interest rate is averaging 5.35%.  

For the 30-year fixed-rate mortgage, this is a 0.08% drop from last week and a 0.74% drop from the same time a year ago. The 15-year fixed-rate mortgage has seen a 0.09% decrease from last week and a 0.69% drop from the same time last year. 

The most recent mortgage rates drop came as a result of a recent drop in the 10-year Treasury yield. 

While not directly tied to them, mortgage rates closely follow the 10-year Treasury yield, which reflects investors’ feelings on where economic conditions, inflation and interest rates are heading. As Treasury yields start to rise, mortgage rates tend to follow. 

Last week saw the 10-year Treasury yield drop 0.125% in two days. As of Feb. 20, the yield sits at 4.029%. 

Yes, 2026 has seen an increase in purchase applications for new homes. 

According to the Mortgage Bankers Association, January saw a 2% increase in mortgage applications for new homes compared to January of last year. Compared to the previous month, this January saw applications to purchase new homes raise 19%. 

With the drop in rates, there has been an improvement in mortgage affordability. You can especially see this in the number of mortgage refinances.  

Recently, there has been an increased number of homeowners applying for mortgage refinancing with homeowners hoping to reduce their mortgage payments. 

“Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars,” Khater said. 

You can find current mortgage rates online through a trusted lender. Of course, these rates will just be the national average. To find out the exact rate you could qualify for, connect with a professional Loan Officer. 

Loan Officers will look at your credit score, debt-to-income ratio and other factors when determining your exact rate.  

One of the easiest ways to connect with a Loan Officer is by starting a mortgage application. You will be connected with a professional Loan Officer who can walk you through the application process and answer any questions you may have. 

To talk with a Loan Officer and see what rates you could qualify for, begin your mortgage application. 

_{Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.} 

_{All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate. Rate, its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.}