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30-year fixed mortgage rates averaged 6.11% as of Feb. 5, 2026, holding near its lowest level in years and remaining essentially flat from the previous week’s 6.10%.
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Fifteen-year fixed mortgage rates averaged 5.50%, also slightly up week-to-week, but significantly below the 6.05% average a year ago.
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Rates remain lower than 2025 levels, offering buyers steadier borrowing costs heading into the spring home-buying season.
Freddie Mac’s latest Primary Mortgage Market Survey shows that the average rate on a 30-year fixed-rate mortgage (FRM) edged up to 6.11% last week — a slight uptick from 6.10% the prior week, but still near its lowest levels in years.
The 15-year FRM averaged 5.50%, also inching up from the week before, but remaining well below the 6% level seen in early 2025.
Sam Khater, Freddie Mac’s chief economist, noted that the combination of more affordable rates and modestly better inventory could give prospective buyers a boost as spring approaches.
What it means for buyers
After years of historically low interest rates followed by sharp increases post-pandemic, mortgage costs this winter have flattened near 6% — a pace that, while above the ultra-low pandemic era, marks a meaningful improvement from recent peaks. Average rates were closer to 6.89% a year ago, meaning today’s buyers could see noticeably lower monthly payments on the same-priced home.
Economists and industry forecasts expect mortgage rates to stay in this range, near 6%, without dramatic swings in the short term — offering some predictability to would-be buyers planning ahead.
Despite steadier rates, affordability pressures persist in many markets. Recent data indicate:
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In many major metro areas, renting remains cheaper than owning due to high home prices and mortgage borrowing costs, dampening purchase demand.
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Some regions continue to see tight inventories and rising prices, such as Hartford, where low months of supply are driving competition.
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However, other markets, like Houston, are experiencing improving affordability, with mortgage rates and prices both declining enough to expand buyer access.
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Across the U.S., more inventory and broader pricing stability are starting to balance the market after years of extreme tightness.
Spring buying season outlook
As the spring home-buying season gets underway, the combination of relatively stable mortgage rates and slowly improving supply could create opportunities for buyers who have been sidelined by affordability constraints. Experts caution that while rates may remain elevated compared to historical lows, the current environment offers more predictability and negotiation leverage than in the past few years.
For many buyers, this means locking in a rate near today’s levels sooner rather than later and working closely with lenders to navigate regional market dynamics — from competitive bidding in tight markets to discounts in areas with softer demand.
