Mortgage Rates Drop Below 6% for the First Time in 3.5 Years

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported its Primary Mortgage Market Survey® for Feb 26, 2026, showing the 30-year fixed-rate mortgage averaged 5.98%, the first time in three and a half years it dropped below 6%.

The 30-year rate fell from 6.01% last week and from 6.76% a year earlier; the 15-year averaged 5.44%.

Positive

• 30-year FRM down to 5.98% (first sub-6% in 3.5 years)
• 30-year YoY decline from 6.76% to 5.98% (~11.5% relative decrease)

Negative

• None.

MCLEAN, Va., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 5.98%.

“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week's milestone,” said Sam Khater, Freddie Mac’s Chief Economist. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season.”

News Facts

• The 30-year FRM averaged 5.98% as of February 26, 2026, down from last week when it averaged 6.01%. A year ago at this time, the 30-year FRM averaged 6.76%.
• The 15-year FRM averaged 5.44%, up from last week when it averaged 5.35%. A year ago at this time, the 15-year FRM averaged 5.94%.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Mollie Laniado
(571)382-1784
Mollie_Laniado@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/feb1a090-2f57-48fb-b774-a328118c4bd5

 

FAQ

What did Freddie Mac (FMCC) announce on February 26, 2026 about mortgage rates?

Freddie Mac announced the 30-year fixed-rate mortgage averaged 5.98% on Feb 26, 2026. According to Freddie Mac, this is the first time in three and a half years the 30-year rate dropped below 6%, down from 6.01% one week earlier.

How does the Feb 26, 2026 30-year rate for FMCC compare to one year ago?

The 30-year rate fell from 6.76% a year ago to 5.98% on Feb 26, 2026. According to Freddie Mac, that represents about an 11.5% relative decline versus the same week last year.

What did Freddie Mac (FMCC) report about the 15-year fixed-rate mortgage on Feb 26, 2026?

Freddie Mac reported the 15-year fixed-rate mortgage averaged 5.44% on Feb 26, 2026. According to Freddie Mac, the 15-year rate rose slightly from 5.35% the prior week but remains below last year’s 5.94%.

What does Freddie Mac’s PMMS measure and why does it matter to FMCC investors?

PMMS measures conventional, conforming, fully amortizing home purchase loans for borrowers with 20% down and excellent credit. According to Freddie Mac, PMMS signals retail mortgage rate trends that can influence housing demand and mortgage-related market activity.

Will the Feb 26, 2026 Freddie Mac (FMCC) rate drop likely affect spring homebuying activity?

Lower 30-year rates can encourage more buyers to enter the market for spring homebuying. According to Freddie Mac, the sub-6% milestone plus improving home availability is expected to draw additional potential buyers this season.

How big was the week-over-week change in the 30-year rate reported by Freddie Mac (FMCC)?

The 30-year rate moved from 6.01% to 5.98% week-over-week, a modest decline. According to Freddie Mac, the change is small weekly movement but notable as the first sub-6% reading in 3.5 years.