--- title: Mortgage Rates Just Fell Below 6% for the First Time Since 2022. Is Now the Time to Buy? description: Mortgage rates fall to 5.98%, below 6% for first time since 2022. Experts weigh in on what it means for homebuyers. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 797 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ editors: - name: Katherine Peach role: Associate Editor url: https://money.com/author/katherine-peach/ bio: Katherine Peach is an associate editor with a focus on news and email at Money. She didn’t always intend to write about money. She’s a classically trained pianist who dreamed of becoming an archaeologist. However, in 2007 Katherine began working in financial publishing as an editor for Agora Inc. (Apparently, unearthing ideas about improving your personal finances isn’t such a bad career alternative!) Katherine’s writing and editing work has been featured in Investing Daily, Clever, Investor Junkie, The Palm Beach Letter, Truth & Plenty, Independence Monthly, NICHE, AmericanStyle, AntiqueWeek, Millennial Money, Money Done Right, TheStreet, Sure Dividend and many others. Katherine holds a Bachelor of Arts in Ancient Studies with concentrations in Archaeology and Ancient Languages and a minor in Literature from the University of Maryland, Baltimore County. She is a member of Phi Beta Kappa. education: University of Maryland, Baltimore County at_money_since: 2025 articles: 14 covers: - Mortgages - Banking - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Personal Finance - Professional Services - Retirement - Shopping - Taxes published: '2026-02-27T19:46:16.000Z' modified: '2026-02-27T19:46:16.000Z' section: Mortgages tags: - News - real estate word_count: 514 canonical: https://money.com/mortgage-rates-fall-february/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of house toppling over with percentage signs in the background](https://img.money.com/2026/02/News-Mortgage-Rates-Below-6.jpg) Mortgage rates slipped below 6% this week for the first time since 2022. Is this the big break homebuyers have been waiting for? According to Freddie Mac's benchmark [rate survey](https://www.freddiemac.com/pmms), the weekly average interest rate for a 30-year fixed-rate loan was 5.98% as of Feb. 26, its lowest level in more than three years. And although the difference between this week's average and that of a month ago isn't significant dollar-wise (working out to less than $35 on a $450,000 loan), it can have a psychological impact on both buyers and sellers. In emailed comments, Mischa Fisher, Zillow's chief economist, tells Money that the decline could be meaningful for many buyers. "Rates below 6% will generate headlines and spark conversations, possibly prompting some buyers who gave up on their search to reengage," he says. Sub-6% rates can also help ease the [rate-lock anxiety](https://money.com/low-mortgage-rates-trap-home-sellers/), which has kept homeowners who [don't want to give up their low mortgage rates](https://money.com/homeowners-never-move-survey/) from considering a move and listing their homes. "Existing homeowners that have a [current mortgage rate](https://money.com/current-mortgage-rates/?apxa1=homepage) in the 4% range can now compare that to a rate that starts with a 5 on their next home, which can be more palatable when doing the mental math," Fisher says. Adding more inventory to the housing market is an important part of improving affordability because it gives buyers more options, lessens competition and helps keep home prices stable. ## Is now a good time to buy a house? Mortgage rates can be unpredictable and change daily in response to a range of market conditions. There's no guarantee that today's 5%-plus rate will continue to decrease — or won't jump back above 6%. Joel Berner, Realtor.com's senior economist, tells Money in an email that trying to time the market based on the rate can be fruitless. Instead, the decision to buy a home should be based on your goals and financial readiness. "It's better to pull the trigger when you find a home that meets your needs and your budget, whenever that may be," Berner says. That said, homebuying conditions are currently the best they've been in over three years. There are [more homes for sale](https://money.com/more-homes-for-sale-since-pandemic/), mortgage rates are significantly lower than they were a year ago and [home prices](https://money.com/housing-market-predictions-2026-prices/) are holding steady. According to a recent [analysis](https://www.zillow.com/research/buying-power-up-30k-36101/) from Zillow, homebuyers gained about $30,000 in buying power between January 2025 and the end of January this year, when the 30-year rate dropped from 6.96% to 6.10%. During that time, the typical mortgage payment decreased by 8.4%. This buying power is likely to have increased slightly as rates ticked lower in February. Fisher points out, however, that affordability will vary widely depending on the market and the buyer, so not everyone will be able to take advantage of the rate dip. "It's still a major challenge for a lot of households, but trending in the right direction," he says. ## Buy your home with more convenience and less hassle ![View Rates](https://s3.consumersadvocate.org/prd/image/image/38130/medium_29a2a129-cf1d-4fcb-a92d-901b0c9bf0f6.webp) Our Partner [View Rates](https://money.com/go/f2a921e22732?bidid=4059184127&pmeta=p129-c488-u36862&ptid=665349076&ptoken=04dffa286d76c16a870298eecc3fe9fd&apxa1=better-to-rent-than-buy-cities) ![View Rates](https://s3.consumersadvocate.org/prd/image/image/39711/medium_85521de9-b6c5-4b35-a129-169c217d0287.webp) Our Partner [View Rates](https://money.com/go/36c74377189d?bidid=4059184132&pmeta=p129-c488-u36862&ptid=665349076&ptoken=40c685321de4a30a571bd8a3d214b84f&apxa1=better-to-rent-than-buy-cities) ![View Rates](https://s3.consumersadvocate.org/prd/image/image/34120/medium_4ba40e39-00f6-4f3e-9a12-67943aa4166f.webp) Our Partner [View Rates](https://money.com/go/b93df68c42d7?bidid=4059184129&pmeta=p129-c488-u36862&ptid=665349076&ptoken=fc122d361de9fd117e2a41e442e0b3ec&apxa1=better-to-rent-than-buy-cities) ![](https://s3.consumersadvocate.org/prd/image/image/26681/medium_57f09f10-efb8-487d-a73e-5f7d605144eb.png) Imagine finally owning your dream home — Rocket Mortgage (NMLS #3030) can help! [View Rates](https://money.com/pr/t39f99e0e0ab?ap_referrer=%2Fmortgage-rates-fall-february%2F&apxa1=better-to-rent-than-buy-cities) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/mortgage-rates-fall-february/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "Mortgage Rates Just Fell Below 6% for the First Time Since 2022. 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