Mortgage rates are at their lowest point in more than three years, which is good news for people who want to buy a home or refinance. As of March 5, 2026, the average interest rate on a 30-year fixed-rate mortgage was 6.00%. This was a small increase from 5.98% the week before, but a big drop from 6.63% a year ago. This drop comes after President Trump’s actions, like buying bonds that brought rates below 6% earlier this year.

Last week, the average interest rate on a 15-year fixed-rate mortgage was 5.43%, which is a small drop from 5.44% and a lot lower than 5.79% in March 2025. Freddie Mac’s numbers show that things are getting more affordable as inflation slows down and the Federal Reserve sends signals. With the same monthly payment, a 0.25% drop in the rate can help buyers afford about 2.5% more home.

Lower rates are causing a lot of people to apply for loans and refinance, which will make for a strong spring housing season. Owners were stuck with high rates above 7%, but rates below 6% are making it easier to find homes and increasing sales. If economic trends stay the same, experts say that prices will slowly drop until 2026, with MBA predicting a drop to around 6.4% by the end of the year.