The average long-term U.S. mortgage rate slipped this week to its lowest level in more than three years, but remains around 6% in the same narrow range it has been in this year.
The benchmark 30-year fixed rate mortgage rate fell to 6.01% from 6.09% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.85%.
The modest pullback brings the average rate to its lowest level since Sept. 8, 2022, when it was 5.89%. That was the last time the average rate was below 6%.
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 4.08% at midday Thursday, down from around 4.09% 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 its slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.
Sales of previously occupied U.S. homes remained stuck last year at 30-year lows. And more buyer-friendly mortgage rates this year weren’t enough to lift 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.
Meanwhile, new data on contract signings suggest home sales could remain sluggish in the near term.
A seasonally adjusted index of pending U.S. home sales fell 0.8% in January from the previous month, the National Association of Realtors said Thursday. Pending home sales fell 0.4% from January last year.
There’s usually a month or two lag between a contract signing and when the sale is finalized, which makes pending home sales a bellwether for future completed home sales.
“Improving affordability conditions have yet to induce more buying activity,” said Lawrence Yun, NAR’s chief economist.
A sharp run-up in home prices, especially in the early years of this decade, and a chronic shortage of homes nationally worsened by years of below-average home construction have left many aspiring homeowners priced out of the market.
That's put the focus on mortgage rates, which can boost home shoppers' purchasing power when they come down, but also reduce how much homebuyers can afford when rates rise.
That makes the recent decline in rates a favorable lead in to the annual spring home-buying season — at least for home shoppers who can afford to buy at current rates.
“Lower rates should improve affordability and bring out more buyers,” said Lisa Sturtevant, chief economist at Bright MLS. “Assuming mortgage rates remain at about where they are, or come down even further, we should see more buyers this spring as both inventory and the weather improves.”
Homeowners eager to refinance their existing home loan to a more favorable rate are also benefiting from easing rates.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, edged lower this week. That average rate fell to 5.35% from 5.44% last week. A year ago, it was at 6.04%, Freddie Mac said.
Mortgage applications, which include loans to buy a home or refinance an existing mortgage, rose 2.8% last week from a week earlier, according to the Mortgage Bankers Association. Applications for mortgage refinance loans made up 57.4% of all applications.
The latest drop in mortgage rates comes three 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.
Minutes released Wednesday from the Fed’s last meeting showed many officials want to see inflation fall further before they would support additional interest rate cuts this year.
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.
A person walks past single family homes, Tuesday, Feb. 10, 2026, in Nashville, Tenn. (AP Photo/George Walker IV)
CORTINA D'AMPEZZO, Italy (AP) — The United States and Canada earned spots in the women's curling semifinals at the Milan Cortina Olympics on Thursday, prompting jubilant celebrations by both teams.
The US secured its place by beating Switzerland 7-6 in a match that went to an extra end. Canada beat South Korea 10-7, and skip Rachel Homan raised her broom, triumphant and relieved.
The Americans will face the Swiss again in Friday's semifinals. Sweden will play Canada, which advanced earlier Thursday.
On the men's side, Canada will play Norway and Switzerland will play Britain Thursday night.
The Americans, skipped by Tabitha Peterson, got past the Swiss in a tense game.
Switzerland tied it at 6-6 with three points in the 10th end. The U.S. had the hammer in the extra end.
Looking nervous, Peterson threw the decisive rock and her teammates swept it into position, just a hair closer to the button than the Swiss' nearest stone.
Her sister and teammate, Tara Peterson, was in tears after she saw her young son, Eddie, beaming at her from the stands. Asked if he was aware of what had just transpired, she laughed and said, “Absolutely not.”
Tara Peterson said contained her emotions during the match, only for them to come pouring out.
“You can’t start getting emotional before you can start getting emotional,” she said.
The sisters both gave birth in 2024 and have since balanced motherhood with training and their jobs. Tara is a dentist, Tabitha a pharmacist.
“All the hard work we put in,” Tara Peterson said. “Tab and I having babies — just all the village behind us that helped us get here — just makes it all worth it.”
American Cory Thiesse will be seeking her second medal of these Games after she won silver in mixed doubles with Korey Dropkin. The energetic Dropkin was cheering on Thiesse from the bleachers.
“I saw him back in the village yesterday. I said, ‘You got to keep drinking tea because we need you to keep your voice. You can keep cheering,’” said Thiesse, who works as a lab technician.
Canada, led by Rachel Homan, capped a remarkable rally after the Canadians began the round robin by losing three of their first four games.
The normally stoic Homan raised her broom in triumph and ran to hug her teammates as they were cheered by crowds waving the Canadian flag.
“We knew our game, we knew our training. We had belief in each other and just tried to stick with the process,” Homan said. “It’s a tough field. Everyone’s gunning for you, and you have to bring your best every single time or it’s gonna be a loss.”
Sweden has the best record entering the semifinals at 7-2, with losses to South Korea and Canada. Switzerland, the U.S. and Canada are 6-3.
The women's bronze medal game is Saturday, and the gold medal game is Sunday.
The men's semifinal meeting between Canada and Norway will be a repeat of Thursday morning’s game, an 8-6 win for Norway.
Canada's Brad Jacobs said it felt like “déjà vu from Sochi.” At the 2014 Winter Games, Canada played China in its last round-robin match and again in the semifinals, and the Canadians went on to win gold.
“We’re experienced with this, done this a lot,” Jacobs said.
Switzerland takes a 9-0 record into the semifinals. It will play Britain, which is 5-4 and sneaked into the fourth and final spot after Canada’s loss to Norway.
“I would say it’s just a very good atmosphere in our group right now,” Swiss skip Yannick Schwaller said. “Everybody is buying into what we’re doing.”
He added that bringing in acclaimed Canadian curler Glenn Howard as the team's coach has been a key component of its success.
Meanwhile, the hopes of the U.S. men were dashed because of Canada's loss. Defending gold medalist Sweden also did not reach the semifinals.
The men will play for the bronze medal on Friday night and the gold medal game is Saturday night.
AP Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics
Switzerland's Carole Howald, and Selina Witschonke in action during the women's curling round robin session against the United States, at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Misper Apawu)
United States' Cory Thiesse, Tara Peterson, and Taylor Anderson-Heide look on, during the women's curling round robin session against Switzerland, at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Misper Apawu)
United States' Tara Peterson gestures after the women's curling round robin session against Switzerland, at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Misper Apawu)
United States' Cory Thiesse, Tabitha Peterson, and Tara Peterson react after the women's curling round robin session against Switzerland, at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Misper Apawu)
Britain's Bruce Mouat in action during the men's curling round robin session against the United States, at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Wednesday, Feb. 18, 2026. (AP Photo/Misper Apawu)
Norway's Martin Sesaker, Bendik Ramsfjell and Gaute Nepstad in action during the men's curling round robin session against Canada at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Fatima Shbair)
Canada's curling team compete during the men's curling round robin session against Norway at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Bernat Armangue)
Sweden's Rasmus Wranaa, Oskar Eriksson and Christoffer Sundgren compete during the men's curling round robin session against Czechia at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Fatima Shbair)
Italy's Joel Retornaz in action during the men's curling round robin session against Switzerland at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Fatima Shbair)
Germany's Benjamin Kapp, Felix Messenzehl and Johannes Scheuerl in action during the men's curling round robin session against China at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Fatima Shbair)
Switzerland's Schwarz-van Berkel Benoit, Sven Michel and Pablo Lachat-Couchepinin action during the men's curling round robin session against Italy at the 2026 Winter Olympics, in Cortina d'Ampezzo, Italy, Thursday, Feb. 19, 2026. (AP Photo/Fatima Shbair)
