Mortgage rates fell to their lowest point since September 2022 this week with average rates for 30-year fixed-rate mortgages averaging 6.01%, according to Freddie Mac.

That reflects a decline of eight basis points from last week, the government-sponsored investor’s Primary Mortgage Market Survey shows, updated Thursday. The same week a year ago average rates for 30-year, fixed mortgages were 6.85%.

“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners,” stated Sam Khater, Freddie Mac’s chief economist in a press release. “Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”

Meanwhile, average rates for 15-year fixed-rate home loans fell to 5.35%, down from last week’s average of 5.44% and the average of 6.04% register a year ago.

According to the National Association of Realtors (NAR), the dip in rates means about 5.5 million more Americans just became eligible to qualify for a mortgage. That includes 1.6 million renters who could become first-time buyers due to the lower rates over the past year.

“Improving affordability conditions have yet to induce more buying activity,” stated Lawrence Yun, NAR’s chief economist, in response to the latest reading on pending home sales. “Most newly qualifying households do not act immediately.”

Based on past trends, Yun estimates about 10% of the 5.5 million newly eligible buyers could enter the market — potentially adding 550,000 new home buyers compared to last year.

Even with the lower rates, NAR reported earlier Friday that pending home sales have declined on a monthly and yearly basis in January as purchase demand has gotten off to a slow start in 2026.