For the first time since 2022, the 30-year fixed-rate mortgage had a weekly average below 6%, according to Freddie Mac data.

The 30-year rate averaged 5.98% for the seven-day period ending Thursday, a three-point dip from the prior week. The last time it averaged a 5-handle over a full week was Sept. 8, 2022, when it stood at 5.89%.

“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,” Freddie Mac Chief Economist Sam Khater said in a press release. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for the spring homebuying season.”

Mortgage demand has shown signs of life recently.

Two weeks ago, mortgage loan application volumes rose 2.8% on a seasonally adjusted basis, according to data from the Mortgage Bankers Association (MBA). Last week, overall loan volumes saw just a 0.4% gain, though refinance activity increased 4%.

“Mortgage applications have increased for two consecutive weeks, as lower mortgage rates have spurred stronger borrower demand,” MBA President and CEO Bob Broeksmit said in commentary shared with Scotsman Guide on Thursday.

“Refinance activity remains a bright spot in early 2026, posting gains on both a weekly and annual basis,” Broeksmit added. “Gradually improving housing affordability conditions should draw more prospective buyers into the market and support stronger purchase activity in the months ahead.”

The 15-year fixed-rate mortgage took the opposite path this week, climbing nine basis points to 5.44% — a divergence that may increase the appeal of the 30-year product for certain borrowers.