The average long-term U.S. mortgage rate is now down to its lowest level in more than three years
ByALEX VEIGA AP business writer
January 15, 2026, 12: 05 PM
MCLEAN, Va. — The average long-term U.S. mortgage rate is now down to its lowest level in more than three years.
The benchmark 30-year fixed rate mortgage rate eased to 6.06% this week, down from 6.16% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 7.04%.
The last time the average rate was lower was Sept. 15, 2022, when it was at 6.02%.
Meanwhile, borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, dropping to 5.38% from 5.46% last week. A year ago, that average rate was at 6.27%, Freddie Mac said.
Lower mortgage rates boost homebuyers’ purchasing power, good news for home shoppers at a time when the housing market remains in a deep slump after years of soaring prices and elevated mortgage rates have shut out many aspiring homeowners.
Mortgage rates have been easing since late summer. That helped drive