What is the current average 30-year fixed mortgage rate and how does it compare to recent weeks?

The average 30-year fixed mortgage rate is 6.06% as of January 15, 2026, down from 6.16% the previous week and the lowest since September 2022.

Why have mortgage refinancing and purchase applications increased?

Refinancing applications surged 40% to account for 60% of total applications, and purchase applications rose 16%, due to the drop in rates to 6.06%.

How are home prices changing nationally and regionally?

Home-sale prices rose 1% nationally year-over-year, with larger gains in metros like Cincinnati, Detroit, and Philadelphia, but declines in Dallas and San Jose.

What factors are influencing mortgage rates, including government actions?

President Trump's directive for Fannie Mae and Freddie Mac to purchase up to $200 billion in mortgage-backed securities has contributed to the recent rate drop, alongside cooling inflation and Fed policy.

What are the forecasts for mortgage rates in 2026?

Economists forecast rates to ease further, potentially to 5.50%-5.75% by mid-2026, though they may rise later; many expect rates below 6% by year-end.

3 sources

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1M ago

Mortgage Rates Fall to Three-Year Low, Boosting Refinances and Local Price Shifts

Average U.S. 30-year mortgage rates fell to 6.06%, the lowest since 2022, spurring refinancing and homebuying gains amid uneven regional price shifts and affordability concerns.

Overview

A summary of the key points of this story verified across multiple sources.

Freddie Mac says the average 30-year fixed mortgage rate fell to 6.06% this week, down from 6.16% last week and lowest since Sept. 15, 2022.

Mortgage refinancing applications surged, accounting for 60% of loan applications and increasing 40% last week; purchase applications also rose 16%, signaling renewed homebuyer interest.

Home-sale prices rose 1% nationally year-over-year, but metros like Cincinnati, Detroit and Philadelphia saw larger gains while Dallas and San Jose posted notable declines.

Despite lower rates, affordability remains strained: median home prices near record highs and most mortgages carry sub-5% fixed rates, limiting incentive to move or refinance.

Economists expect rates to ease further though remain above 6%; President Trump's proposals and potential government bond purchases could influence borrowing costs and housing demand.

Written using shared reports from

3 sources

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Analysis

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Center-leaning sources frame the story as largely positive for prospective homeowners by editorially foregrounding falling mortgage rates and 'relief' in the headline, prioritizing Freddie Mac data and lender/economist comments that encourage refinancing, while treating affordability and housing-shortage data as secondary balancing points rather than the central narrative.

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: The average 30-year fixed mortgage rate is 6.06% as of January 15, 2026, down from 6.16% the previous week and the lowest since September 2022.
Sources:
FRED - St. Louis Fed
: Refinancing applications surged 40% to account for 60% of total applications, and purchase applications rose 16%, due to the drop in rates to 6.06%.
Sources:
The Mortgage Reports
: Home-sale prices rose 1% nationally year-over-year, with larger gains in metros like Cincinnati, Detroit, and Philadelphia, but declines in Dallas and San Jose.
Sources:
The Mortgage Reports
: President Trump's directive for Fannie Mae and Freddie Mac to purchase up to $200 billion in mortgage-backed securities has contributed to the recent rate drop, alongside cooling inflation and Fed policy.
Sources:
Bankrate
: Economists forecast rates to ease further, potentially to 5.50%-5.75% by mid-2026, though they may rise later; many expect rates below 6% by year-end.
Sources:
Morgan Stanley