US Mortgage Rates Reach Lowest Since 2022, Spurs Refinancing

At the end of 2025, new-home sales perked up, helped in part by builder incentives.Photographer: David Paul Morris/Bloomberg

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By Vince Golle

February 25, 2026 at 12:00 PM UTC

Updated on

February 25, 2026 at 12:52 PM UTC

US mortgage rates slipped last week to the lowest level since 2022, generating more refinancing activity.

The contract rate on a 30-year mortgage dropped 8 basis points to 6.09% in the week ended Feb. 20, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages fell to 5.23%, also the lowest since September 2022.