Mortgage Rates Fall to 5.98%—the Lowest Since September 2022

🚨 Mortgage rates fell to their lowest level in more than three years, dropping to 5.98% for the week ending February 26, down from 6.01% the previous week. The decline stems from uncertainty over President Trump's tariffs after the U.S. Supreme Court struck down his broad emergency tariff powers in a 6-3 decision. Realtor. com economist Jiayi Xu noted the rate decline reflects market volatility rather than fundamental economic shifts, but the stabilization near 6% marks a turning point where the 5% range finally feels achievable. With national inventory recently stalling, lower rates could prompt homeowners previously "locked in" to re-enter the market. While 70% of mortgage holders still have rates below 5%, current borrowing costs are far more encouraging than the high 6-7% ranges seen in previous spring seasons.