Mortgage rates fall to lowest level since 2022
Average rate on the benchmark 30-year fixed mortgage fell to 6.01%, Freddie Mac says
Inside look at 3D-printed homes in Austin, Texas, addressing the housing crisis
FOX Business' Jeff Flock joins 'Mornings with Maria' live from Austin, Texas, showcasing 3D-printed homes.
Mortgage rates dropped this week to the lowest level since September 2022, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.01% from last week's reading of 6.09%.
The average rate on a 30-year loan was 6.85% a year ago.
RENT BECOMING MORE AFFORDABLE FOR MANY AMERICANS AS MARKET STABILIZES
The average rate on the 30-year fixed mortgage fell to 6.01% this week, Freddie Mac said. (Ty Wright/Bloomberg via Getty Images)
"This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners," said Sam Khater, Freddie Mac’s chief economist. "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."
The average rate on a 15-year fixed mortgage fell to 5.35% from last week's reading of 5.44%.
TEXAS CAPITAL'S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE
US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.08% as of Thursday afternoon.
"This dip from 6.09% last week follows a notable slide in the 10-year Treasury yield, which hit its lowest point since late November 2025 after last week’s softer-than-expected CPI reading and a relatively optimistic jobs report," said Realtor.com senior economist Jake Krimmel.
The average rate on a 15-year fixed mortgage fell to 5.35% from last week's reading of 5.44%. (Mike Blake/Reuters)
Krimmel also said that the lower rates are setting the stage for the spring homebuying season.
"There is a chance to be nearly a full percentage point lower than that this spring, which would meaningfully boost purchasing power," he said. "However, the supply side remains mixed: new construction in 2025 finished behind 2024, and inventory growth has clearly lost steam."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Krimmel noted, however, that if the mortgage "lock-in effect" doesn't ease, lower rates could reignite competition in the market and lead to a spike in prices.