Feb 19, 2026
Thirty-year fixed mortgage rates remained continued to decline this week, down from 6.10% last week, averaging 6.01% this week.
“Mortgage rates dropped again this week, now down to their lowest level since September of 2022,” said Sam Khater, Freddie Mac’s chief economist.
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“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”
Mortgage rates this week
- The average rate on a 30-year fixed mortgage is down to 6.01% this week
- The average rate on a 15-year fixed mortgage is down to 5.35% this week
30-year fixed-rate mortgages
The average 30-year fixed mortgage rate decreased to 6.01% this week, down from an average of 6.10% last week. A year ago at this time, the 30-year rate averaged 6.04%.
15-year fixed-rate mortgages
The average 15-year mortgage rate decreased to 5.35% this week, down from an average of 5.44% last week. This time a year ago, the 15-year fixed rate was closer to 6.5%.
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Mortgage rate trends
See how mortgage rates have changed over the last few months. The average 30-year mortgage rate hit a high of 6.26% the week of November 20, 2025, and the average 15-year mortgage rate topped out at 5.74%, the week of December 31, 2025.
| Week of | 30-year mortgage rate | 15-year mortgage rate |
|---|---|---|
| February 19, 2026 | 6.01% | 5.35% |
| February 12, 2026 | 6.10% | 5.44% |
| February 5, 2026 | 6.11% | 5.50% |
| January 29, 2026 | 6.10% | 5.49% |
| January 22, 2026 | 6.09% | 5.44% |
| January 15, 2026 | 6.06% | 5.38% |
| January 5, 2026 | 6.19% | 5.74% |
| December 31, 2025 | 6.2% | 5.76% |
| December 24, 2025 | 6.18% | 5.50% |
| December 18, 2025 | 6.25% | 5.75% |
| December 11, 2025 | 6.22% | 5.54% |
| December 4, 2025 | 6.19% | 5.44% |
| November 27, 2025 | 6.24% | 5.51% |
| November 20, 2025 | 6.26% | 5.54% |
| November 13, 2025 | 6.24% | 5.49% |
| November 6, 2025 | 6.22% | 5.50% |
| October 30, 2025 | 6.17% | 5.41% |
| October 23, 2025 | 6.19% | 5.44% |
What’s behind current mortgage rate trends?
Inflation: The inflation rate as of February 2026 is 2.4%, which is down 2.7% compared to the previous month. Mortgage lenders often demand higher interest rates to compensate for the eroding purchasing power of money due to inflation.
Federal funds rate: The federal funds rate is set by central bank officials, and it’s the interest rate that banks charge one another for borrowing money. Central banks adjust key interest rates to control inflation or stimulate the economy, and mortgage rates can follow suit. As of January 2026, the federal funds rate is at 3.72%.
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How mortgage rates affect your monthly payments
Say you’re buying a $500,000 property, have a 10% down payment and lock in a 30-year fixed mortgage at today’s average rate of 6.01%. Using a mortgage calculator, your monthly mortgage payment would be $3,080 a month, not including property taxes and insurance.
When buying a home, keep in mind that most lenders want you to keep your housing expenses at or under 30% of your gross income. Based on your income and expenses, use this calculator to find out how much home you could afford at today’s mortgage rates.
Mortgage application demand increases
According to the Mortgage Bankers Association (MBA), demand for mortgages increased 2.8% from a week ago.
Meanwhile, the MBA Refinance Index increased 7% and was 132% higher than the same week one year ago.
“Mortgage applications rose last week as the lowest rates in four weeks helped to revive some refinance activity. Treasury yields ended the week lower as weaker data on retail sales and home sales outweighed better-than-expected readings on the job market for January,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
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“Mortgage rates moved lower with the 30-year fixed rate decreasing to 6.17 percent, and all other loan types in the survey also declined. Refinance applications increased across all loan types, marking the strongest week for refinancing since mid-January. There was a drop in purchase applications overall, although VA purchase applications bucked the trend and increased four percent.”
Should you buy a home at the current mortgage rates?
With the current 30-year fixed mortgage rate at 6.01%, you might wonder if now is the right time to buy a home. To help you make the best decision, ask yourself a few questions.
Am I financially stable? Reflect on your current financial situation, including your income, job stability, and overall financial health. Use a mortgage income calculator to determine what monthly mortgage payment you could comfortably afford. Remember to factor in property taxes, insurance and maintenance costs.
Where do I see myself in 5, 10 years? Imagine yourself five, 10, 15 years from now. What does your career look like? Are you in the same city/state? Thinking about your long-term plans can help you determine if buying a home at today’s mortgage rates is a good idea or not.
How’s my credit score? Your credit score plays a significant role in the interest rate you'll be offered. If it’s on the low end, you may want to focus on boosting your score. With a higher credit score, you can qualify for the best mortgage rates available.
FAQs
Are mortgage rates expected to drop or rise?
Many experts expect rates to move gradually lower, especially since the Fed signaled it will continue to lower the Federal Funds Rate throughout 2026. However, many factors influence mortgage rates, and they likely won’t fall in a straight line even if the trend is downward.
Will we ever see a 3% mortgage rate again?
A return to 3% rates isn’t likely in the near future under normal economic conditions. Those rates were driven by unique, once-in-a-generation events.
What is the mortgage rate trend right now?
As of January, 2026, mortgage rates are holding relatively steady and are significantly lower than a year ago. Many experts say rates could dip even more if inflation continues to cool and the Federal Reserve moves forward with anticipated rate cuts.
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Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
Banking • Nov 21
