30-Year Fixed Mortgage Rate Falls Below 6% for the First Time Since 2022

30-Year Mortgage Rate Officially Closes Below 6%

In a significant milestone for homebuyers, the average 30-year fixed mortgage rate officially closed at 5.99% on February 23, 2026, marking the first confirmed close below 6% since September 2022.

Rates briefly dipped below 6% intraday on January 12 but ultimately finished that day at 6.01%, keeping the psychological barrier intact. Today’s confirmed close below 6% represents the first sustained break of that level in more than three years and could mark a turning point as we head into the spring housing season.

Why the 6% Level Matters

The 6% mark has functioned as both a financial and psychological threshold for buyers. When rates moved above 6% in late 2022, affordability tightened quickly, sidelining many would-be purchasers and reshaping demand nationwide.

Breaking back below that level may not seem dramatic at first glance, but key thresholds often influence buyer confidence. Markets tend to react not just to the size of rate moves, but to whether major levels are crossed.

What This Means in Real Dollars

Even a small drop in mortgage rates can translate into meaningful monthly savings. On a $600,000 loan, the difference between 6.25% and 5.99% can reduce monthly payments by several hundred dollars — enough to improve debt-to-income ratios and expand purchasing power.

While one close below 6% does not establish a long-term trend, it gives buyers renewed leverage and could encourage those who paused their search to re-enter the market.

Looking Ahead: When Do the “Floodgates” Open?

The bigger question now is whether rates continue moving lower — and at what point buyer demand accelerates meaningfully.

According to loan originator Ronald Cepeda, the real inflection point may come at 4.875%. In his view, that’s the level where “the floodgates open,” potentially unleashing a wave of pent-up demand from buyers who have been waiting on the sidelines.

For now, today’s close below 6% is a step in that direction.

If you’re ready to explore what’s available in today’s market, check out our Miami property search to find the latest listings.