Mortgage rates drop below 6% for the first time in years!!!
After a long stretch of painfully high borrowing costs, 30-year fixed mortgage rates finally dipped below 6% on Friday for the first time since 2023.
The benchmark rate slid to 5.99%, crossing an important psychological line for a housing market that has struggled with affordability for nearly two years.
The 22-basis-point drop followed President Trump’s directive on Thursday for Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities.
“2026 could mark the first spring housing season since 2022 where resale buyers can secure a 30-year mortgage starting with a 5,” wrote Rick Palacios Jr., director of research at John Burns Research and Consulting, on X.
In practical terms, today’s rates make a noticeable difference. A buyer financing a $600,000 loan, about the median home price in the DC area, would pay roughly $250 less per month compared to rates from six months ago.
