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Long-Term Mortgage Rates Drop To 5.98%

  • 1:07 PM EST

by UrbanTurf Staff

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Long-term mortgage rates are now at their lowest level in 3.5 years. 

Freddie Mac reported 5.98% as the average on a 30-year mortgage on Thursday, down three basis points from last week. Mortgage rates rose above 7% in January 2025, but have been dropping over the last few months.

“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.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rate

This article originally published at https://dc.urbanturf.com/articles/blog/long-term_mortgage_rates_drop_to_598/24363.

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