Mortgage rates fall below 6%, lowest since 2022

The average rate on the 30-year fixed mortgage fell to 5.99%, tying the lowest level since 2022 and down sharply from 6.89% a year ago. In late 2023, rates had surged to around 8%. The decline followed a stock-market sell-off that pushed investors into bonds, pulling down Treasury yields and mortgage rates as markets weighed the Supreme Court's ruling on President Donald Trump's use of emergency tariff powers.

Lower borrowing costs have boosted refinancing: applications to refinance are up roughly 130% from a year ago, per the Mortgage Bankers Association's survey for the week ending February 13. Homebuying, however, remains subdued—pending sales fell 0.8% in January from the previous month and slipped 0.4% year over year.

United States

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