Mortgage rates fell below 6 percent on Monday, reaching their lowest level since 2022 as investors moved into bonds during a broader stock market sell-off. The average rate on a 30-year fixed mortgage dropped to 5.99 percent, according to Mortgage News Daily.
The decline reflects falling bond yields driven by tariff uncertainty, easing inflation, and weaker economic data, including a soft GDP report.
Mortgage rates just dropped below 6%, matching lowest level since 2022 https://t.co/r81bPu0sZm
— CNBC (@CNBC) February 23, 2026
Housing analysts say the latest drop appears more durable than earlier dips this year. Lower rates are already fueling a sharp rise in refinancing activity, with applications up roughly 130 percent from a year ago, according to the Mortgage Bankers Association.
The shift could also benefit buyers ahead of the spring housing season. Based on current prices from the National Association of Realtors, monthly payments are now nearly $190 lower than a year ago.
Chief economist Lawrence Yun said lower rates could allow millions more households to qualify for mortgages, though buyer activity has so far increased only modestly.
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