Overview
- The average 30-year fixed rate fell to 5.99% on Monday, according to Mortgage News Daily, matching a brief January dip and setting a new cycle low since 2022.
- The move followed a stock sell-off and renewed tariff concerns that drove investors into bonds, pulling down Treasury yields that mortgage rates closely follow.
- Narrower mortgage-backed securities spreads helped enable sub-6% quotes even with the 10-year Treasury near 4%, HousingWire reported.
- Refinance applications are roughly 130% higher than a year ago, while purchase demand remains soft, with only modest gains and January pending sales slipping, industry data show.
- Freddie Mac last week pegged the 30-year average at 6.01% and the 15-year at 5.35%, and Mortgage News Daily’s Matthew Graham said the latest drop looks more sustainable absent a bond-market rebound.