Average U.S. 30-Year Mortgage Rate Drops Below 6% for First Time Since 2022

1-Minute Brief

The average U.S. 30-year mortgage rate fell to 5.98%, its lowest since September 2022.

Key Facts

• The average U.S. 30-year fixed mortgage rate dropped to 5.98%, according to Freddie Mac.
• This is the first time the rate has fallen below 6% since September 2022.
• One year ago, the average 30-year mortgage rate was 6.76%, according to Freddie Mac.
• Experts cited by The Independent say even modest rate declines can impact loan costs over time.
• The Trump administration is considering measures it says will make housing more affordable, according to The New York Times.

What Happened

Multiple news outlets report that the average U.S. 30-year fixed mortgage rate dropped to 5.98% this week, based on data from Freddie Mac. This marks the first time the rate has fallen below 6% since September 2022, as reported by The Guardian, The Independent, and others.

Why It Matters

Several sources note that lower mortgage rates may increase affordability for homebuyers. The New York Times reports that evidence is mixed on whether recent rate reductions have significantly increased housing market activity. Policy discussions continue, with the Trump administration proposing measures it says will address housing affordability. Sources indicate uncertainty about the impact of lower rates on housing market activity; evidence is described as mixed.