Devlin Duarte

As of February 26, the average 30-year fixed rate is 5.89%, ↓3 bps weekly and ↓78 bps yearly.
The average 15-year fixed rate is 5.44%, ↑9 bps weekly but ↓50 bps yearly.
Over the past 52 weeks, 30-year rates ranged 5.98% to 6.89%; 15-year ranged 5.35% to 6.03%.
Lower rates may boost demand, but inventory is tight; Bank of America saw ↑22% yearly applications and ↑26.5% funding.
A February forecast put 30-year rates near 6% through the end 2026 and for all of 2027.

When Will Mortgage Rates Decrease Again?

Refi applications ↑4% weekly, and ↑150% yearly for the week ending February 20, 2026.
Avg 30-year fixed rate ~6.09%, a tipping point for borrowers who locked 7.5% to 8% in 2023-2024.
Refinancing made up 58.6% of all mortgage applications; purchase demand was flat to slightly down.
VA refinance applications ↑26% in late February, as some groups benefited more from lower rates.
Purchase Index ↓5% weekly seasonally adjusted, but ↑12% yearly; homeowners are urged to run the numbers.