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Key Takeaways
- Freddie Mac’s 30-year mortgage rate average fell to 5.98%, the first reading below 6% since September 2022.
- At that rate, a $350,000 loan would work out to $2,094 per month in principal and interest.
- Rates are the lowest in more than 3 years, making this a rare opportunity—but buying when you’re ready still matters most.
Mortgage Rates Haven’t Been This Low in More Than 3 Years
If you’ve been watching mortgage rates and waiting for a break, this week delivered one. The average rate on a 30-year fixed home loan has fallen below 6% for the first time in almost three and a half years.
Freddie Mac’s weekly survey showed the 30-year average dropping to 5.98%, down from 6.01% last week and the lowest weekly reading since Sept. 8, 2022.
The milestone is notable after a long stretch of elevated borrowing costs. Following record lows during the pandemic, mortgage rates surged in 2022 and topped 7% multiple times over the past two years before gradually easing in recent months.
Freddie Mac’s survey is one of the housing market’s longest-running benchmarks, charting weekly averages for 30-year fixed-rate mortgages since 1971. Though its weekly figure can differ from daily lender quotes, slipping below 6% carries psychological weight. For buyers sidelined by affordability concerns, seeing a rate that starts with a 5 instead of a 6 may feel significant.
Why This Matters
A sub-6% rate offers the most attractive borrowing conditions in years. Still, the best time to buy depends less on market timing and more on your budget and the right house.
How Much You’d Pay Each Month at Today’s Average Rate
With rates now below 6%, the key question for many buyers is how that translates into a monthly payment.
At 5.XX%, here’s what principal and interest would look like on a 30-year loan:
| Loan amount | Monthly payment at 5.98% |
| $300,000 | $1,795 |
| $350,000 | $2,094 |
| $400,000 | $2,393 |
| $500,000 | $2,991 |
| $600,000 | $3,590 |
On a $400,000 loan, the payment at 5.98% comes to about $2,393 per month. At 6.5%, that same loan would cost roughly $2,528 per month—about $135 more, or more than $1,600 per year.
These figures reflect principal and interest only. Property taxes, homeowners insurance, and private mortgage insurance—if required—would add to the total monthly payment.
Is Now a Good Time to Lock In Your Rate?
With mortgage rates back below 6% for the first time in years, it’s natural to wonder whether this is the moment to lock in—or whether waiting could bring an even better deal.
Trying to time a rate lock by watching for signals, however, can backfire. Mortgage rates are shaped by a complex mix of factors—including inflation data, bond market movements, and investor expectations—and they can shift quickly. That makes them notoriously difficult to predict.
For many buyers, that uncertainty shifts the focus away from trying to predict the next rate move and toward a more practical question: Does today’s payment fit comfortably within your budget and long-term plans?
If you’ve found the right home and your finances are in order, locking in a rate can remove a major source of uncertainty from the buying process.
Waiting could pay off. But it could also mean a higher rate, more competition from other buyers, or missing out on a home that fits your needs.
Your First Rate Doesn’t Have To Be Your Last
Locking in a mortgage rate now doesn’t mean you’re stuck with it forever. If rates fall meaningfully in the future, refinancing could give you a chance to lower your payment—without passing up a home you’re ready to buy today.
