Rates Down. Sales Up?

Is it time to refinance your home mortgage?

U.S. mortgage rates have taken an unexpected dip, to an average 6.09%, reaching their lowest level since 2022.   The rate on 5-year adjustable mortgages fell to 5.23%.

And of course, it’s always possible to find rates that are more attractive than the average.  The challenge is that so many home buyers are locked in mortgages during the long period when interest rates were low (and ultra-low during the Covid pandemic), that there might not be a lot of people who are paying more than the current rate on their mortgages.  

But the lower rate might make this a good time to buy in a market where there seems to be more sellers than buyers.  In 2024, sales of previously-owned homes fell to the lowest levels since 1995, and preliminary data from 2025 shows sales actually dropped from the year before.  Delistings—where homeowners list a property for sale and subsequently take it off the market—rose by 50% compared with 2024.

It doesn’t hurt to periodically check your mortgage rate against the latest offerings, and if the housing stall continues, it might be possible for new buyers to pick up a bargain.

Source: 

• https://www.advisorperspectives.com/articles/2026/02/25/us-mortgage-rates-lowest-since-2022-refinancing‍
• https://www.usatoday.com/story/money/personalfinance/real-estate/2026/02/26/mortgage-rates-fall-below-6-percent/88880904007/