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Finance & Wealth
Mar 20, 202618 views1 min read

Mortgage Rates Drop Below 6% for First Time Since 2022, Spurring Refinance Boom

The average rate for a 30-year fixed mortgage dropped to 5.99% in February 2026, leading to a 132% year-over-year surge in refinance applications.

Mortgage Rates Drop Below 6% for First Time Since 2022, Spurring Refinance Boom
Source:Experian

In a significant development for the housing market, mortgage rates have dropped below 6% for the first time since September 2022. The average rate for a 30-year fixed mortgage dropped to 5.99% on February 23, 2026, according to Mortgage News Daily. This decline has triggered a surge in refinance applications, up 132% year-over-year.

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