The average long-term U.S. mortgage rate is holding at just above 6% after reversing a modest uptick in recent weeks just as the housing market closes in on the spring homebuying season.
The benchmark 30-year fixed rate mortgage rate slipped to 6.09% from 6.11% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.87%.
The modest pullback brings the average rate back to where it was three weeks ago.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also edged lower this week. That average rate fell to 5.44% from 5.5% last week. A year ago, it was at 6.09%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year Treasury yield was at 4.13% at midday Thursday, down from 4.21% a week ago.
Mortgage rates have been trending lower for months, helping drive a pickup in home sales the last four months of 2025, but not enough to lift the housing market out of a deep sales rut dating back to 2022, when mortgage rates began to climb from pandemic-era lows.
The combination of higher mortgage rates, years of skyrocketing home prices and a chronic shortage of homes nationally following more than a decade of below-average home construction have left many aspiring homeowners priced out of the market. Sales of previously occupied U.S. homes remained stuck last year at 30-year lows.
Lower mortgage rates failed to revive home sales last month. They posted the biggest monthly drop in nearly four years and the slowest annualized sales pace in more than two years.
This week's drop in mortgage rates comes two weeks after the Federal Reserve decided to pause cuts to its main interest rate after lowering rates three times in a row to close out 2025 in an attempt to shore up the job market.
The central bank doesn’t set mortgage rates, but its decisions to raise or lower its short-term rate are watched closely by bond investors and can ultimately affect the yield on 10-year Treasurys that influence mortgage rates.
Economists generally expect mortgage rates to stay relatively stable in the coming months, with forecasts calling for the average rate on a 30-year mortgage to continue to hover around 6%.
However, that may not be enough to unlock affordability for many prospective home shoppers, nor encourage homeowners who bought their home or refinanced when rates were sharply lower to sell now and buy at current rates.
Nearly 79% of homeowners with a mortgage have a rate below 6%, according to Realtor.com. That's leading to fewer homes on the market, which helps keep propping up prices.
"In short, while the market remains stable, a larger drop in rates will be needed to attract new buyers and sellers and truly reignite the housing market,” said Jiayi Xu, an economist at Realtor.com.
A person jogs past single family homes, Tuesday, Feb. 10, 2026, in Nashville, Tenn. (AP Photo/George Walker IV)
DHAKA, Bangladesh (AP) — Bangladesh on Thursday held its first election since the 2024 mass protests toppled Sheikh Hasina’s government. The balloting was mostly peaceful in a vote seen as a critical test of the country’s democracy after years of political turmoil.
A projection showed that an alliance led by the Bangladesh Nationalist Party, or BNP, took the lead with 85 seats, while its main challenger, an 11-party alliance led by the Jamaat-e-Islami party, garnered 26 seats, according to Dhaka-based Jamuna TV.
Official results were expected on Friday. Bangladesh is a parliamentary democracy in which 300 lawmakers are elected through direct voting.
After a slow start, crowds converged on polling stations in the capital, Dhaka, and elsewhere later in the day. By 2 p.m., more than 47% voters had cast their ballots, the Election Commission said.
At one Dhaka polling station, poll officials manually counted the paper ballots and checked each for validity before tabulating the results. Political party representatives were present as election observers, and security officials kept a close watch on Thursday evening.
More than 127 million people were eligible to vote in the country's first election since Hasina's ouster after weeks of mass protests, dubbed by many as a Generation Z uprising. Hasina fled the country and is living in India in exile, while her party was barred from the polls.
The BNP's Tarique Rahman is a leading contender to form the next government. He's the son of former Prime Minister Khaleda Zia and returned to Bangladesh in December, after 17 years in self-exile in London. Rahman has pledged to rebuild democratic institutions, restore the rule of law and revive the struggling economy.
Television stations reported late Thursday that Rahman won in two constituencies, one in Dhaka and another in his northern ancestral home.
Challenging the BNP is an 11-party alliance led by Jamaat-e-Islami, the country’s largest Islamist party, which was banned under Hasina but has gained prominence since her removal.
The conservative religious group’s growing influence has fueled concern, particularly among women and minority communities, that social freedoms could come under pressure, if they come to power. Bangladesh is more than 90% Muslim, while around 8% are Hindu.
Jamaat-e-Islami leader Shafiqur Rahman expressed optimism after casting his vote at a polling station.
The election "is a turning point,” he told The Associated Press. “People demand change. They desire change. We also desire the change.”
Bangladesh's interim leader, Muhammad Yunus, was upbeat about the election.
“This is a day of great joy. Today is the birthday of a new Bangladesh," Yunus told reporters.
Yunus, a Nobel Peace Prize laureate, has said the interim government was committed to delivering a credible and transparent election. As part of that effort, around 500 international observers and foreign journalists were present, including delegations from the European Union and the Commonwealth, to which Bangladesh belongs.
Bangladesh’s Parliament has 350 seats, including 300 elected directly from single-member constituencies and 50 reserved for women. Lawmakers are chosen by plurality and the parliament serves a five-year term. The Election Commission recently postponed voting in one constituency after a candidate died.
The election follows a turbulent period marked by mob violence, attacks on Hindu minorities and the media, the growing influence of Islamists and weakening of the rule of law.
It could reshape the domestic stability of Bangladesh, a country whose post-1971 history since gaining independence from Pakistan has been marked by entrenched political parties, military coups and allegations of vote rigging. Young voters, many of whom played a central role in the 2024 uprising, are expected to be influential. Around 5 million first-time voters are eligible.
“I think it is a very crucial election, because this is the first time we can show our opinion with freedom,” said Ikram ul Haque, 28, adding that past elections were far from fair.
“We are celebrating the election. It is like a festival here,” he said. “I hope Bangladesh will have exponential change.”
Thursday’s election is a critical test not just of leadership, but of trust in Bangladesh’s democratic future. Voters can say “Yes” to endorse major reform proposals that stemmed from a national charter signed by major political parties last year.
Yunus was also enthusiastic about the referendum.
“Voting for a candidate is important, but the referendum is very important. The whole of Bangladesh will change,” he said.
If a majority of voters favor the referendum, the newly elected parliament could form a constitutional reform council to make the changes with 180 working days from its first session. The proposals include the creation of new constitutional bodies and changing parliament from a single body to a bicameral legislature with an upper house empowered to amend the constitution by a majority vote.
The BNP and Jamaat-e-Islami both signed the document with some changes after initially expressing some dissent.
Hasina’s Awami League party — still a major party in Bangladesh though banned from the polls — and some of its former allies were excluded from the discussion. From exile, Hasina denounced the election for excluding her party.
Some critics have also said that the referendum has limited the options put before voters.
A Bangladeshi Christian nun casts her vote in a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
A person shows victory signs after casting his vote outside a polling center during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Jamaat-e-Islami leader Shafiqur Rahman, center, addresses to the media after casting his vote at a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
Bangladesh Nationalist Party Chairperson Tarique Rahman waves as he comes out after casting his vote during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Chief Adviser of Bangladesh Muhammad Yunus waves after casting his vote during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Jamaat-e-Islami leader Shafiqur Rahman, centre, addresses to the media after casting his vote at a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
A woman casts her vote at a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
A person shows victory signs after casting his vote outside a polling center during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Jamaat-e-Islami leader Shafiqur Rahman, center, addresses to the media after casting his vote at a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
Bangladesh Nationalist Party Chairperson Tarique Rahman waves as he comes out after casting his vote during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Voters wait in line outside a polling center to cast their ballots during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Voters wait in line outside a polling center to cast their ballots during the national parliamentary elections in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Mahmud Hossain Opu)
Bangladeshi people stand in queue to cast their votes in a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
An army official announces to the voters to maintain discipline in a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
Bangladeshi women stand in queue to cast their votes in a polling station during national parliamentary election in Dhaka, Bangladesh, Thursday, Feb. 12, 2026. (AP Photo/Anupam Nath)
People ride on three wheelers on a street ahead of Thursday's national parliamentary election, in Dhaka, Bangladesh, Wednesday, Feb. 11, 2026. (AP Photo/Anupam Nath)
Security personnel arrive to collect ballot boxes and voting materials at a distribution centre ahead of Thursday's national parliamentary election, in Dhaka, Bangladesh, Wednesday, Feb. 11, 2026. (AP Photo/Anupam Nath)
An official stands near ballot boxes and voting papers before its distribution to various polling centers ahead of Thursday's national parliamentary election, in Dhaka, Bangladesh, Wednesday, Feb. 11, 2026. (AP Photo/Anupam Nath)
