The average 30-year fixed mortgage rate has dropped below 6% for the first time since September 2022, triggering a surge in both purchase and refinance applications.
Current Rates
- 30-year fixed: 5.87% (down from 6.2% last month)
- 15-year fixed: 5.12%
- 5/1 ARM: 5.45%
- Jumbo loans: 6.15%
Market Impact
Mortgage applications jumped 42% in the first week after rates broke below 6%. Redfin reports that buyer demand is at its highest level since early 2022, with bidding wars returning in competitive markets.
Economists predict rates will hover in the 5.5-6% range through summer if the Fed follows through on signaled rate cuts.
