Average US long-term mortgage rate dips to where it was 3 week ago, just above 6%

U.S. mortgage rates have stabilized just above 6% as the spring homebuying season approaches, offering a glimmer of hope for potential buyers in a market that remains challenging for many Americans.

The benchmark 30-year fixed rate mortgage edged down to 6.09% from 6.11% last week, according to data released Thursday by mortgage buyer Freddie Mac. This represents a significant year-over-year improvement from the 6.87% rate recorded during the same period last year.

The 15-year fixed-rate mortgage, often used for refinancing, also decreased slightly to 5.44% from 5.5% the previous week. A year ago, that rate stood at 6.09%.

This modest pullback returns mortgage rates to levels seen three weeks ago, providing some consistency for potential homebuyers weighing their options as the traditionally busy spring season gets underway.

Mortgage rates typically follow the trajectory of the 10-year Treasury yield, which serves as a benchmark for lenders when pricing home loans. The 10-year Treasury yield stood at 4.13% Thursday midday, down from 4.21% a week earlier, reflecting shifting investor sentiment in bond markets.

While rates have been trending downward for months, the housing market continues to struggle with deep-seated challenges that began in 2022 when mortgage rates first began climbing from their pandemic-era lows. Despite four consecutive months of improved home sales in late 2025, the market remains significantly below historical norms.

“The modest decline in rates provides some relief, but we’re still seeing a market caught between improving affordability and persistent structural challenges,” said Mark Johnson, senior housing economist at Capital Economics. “Many potential buyers who were accustomed to rates below 4% during the pandemic are still adjusting to this new reality.”

The housing market faces a perfect storm of obstacles beyond just higher financing costs. Years of skyrocketing home prices combined with a chronic shortage of available homes have created a severe affordability crisis. This housing inventory shortage stems from more than a decade of below-average construction that has failed to keep pace with population growth and household formation.

These factors have contributed to previously occupied U.S. home sales remaining stuck at 30-year lows throughout much of last year. Even more concerning, the most recent housing data showed sales posting their largest monthly drop in nearly four years, reaching the slowest annualized pace in more than two years despite the gradually improving mortgage rate environment.

The recent stabilization in mortgage rates follows the Federal Reserve’s decision two weeks ago to pause cuts to its main interest rate after implementing three consecutive reductions to close out 2025. While the central bank doesn’t directly set mortgage rates, its monetary policy decisions significantly influence bond investors whose activities ultimately affect the 10-year Treasury yields that guide mortgage rates.

Most housing economists anticipate relatively stable mortgage rates in the coming months, with forecasts suggesting the 30-year mortgage will continue hovering around 6%. However, this stability may not be enough to meaningfully improve market conditions.

“In short, while the market remains stable, a larger drop in rates will be needed to attract new buyers and sellers and truly reignite the housing market,” explained Jiayi Xu, an economist at Realtor.com.

One of the most significant challenges facing the market is the reluctance of current homeowners to sell. Nearly 79% of homeowners with a mortgage enjoy rates below 6%, according to Realtor.com data. This “lock-in effect” discourages mobility, as homeowners resist trading their favorable financing terms for today’s higher rates, further constraining already tight housing inventory and helping sustain elevated home prices.

As the spring homebuying season unfolds, market watchers will be closely monitoring whether stable rates around 6% can generate enough activity to revitalize a housing market that continues to face significant structural challenges.