Freddie Mac’s latest Primary Mortgage Market Survey shows the average 30-year fixed-rate mortgage fell to 6.09% as of January 22, 2026, down from 6.96% one year earlier. This nearly one-percentage-point decrease represents the lowest level for this product in three years and reflects broader economic gains, including a 2.5% rise in household income over the past 12 months. Affordability metrics have improved by 8% compared with last winter, offering prospective buyers greater purchasing power in markets where price appreciation has averaged 4.2%.

The 30-year rate ticked up from 6.06% one week prior, while the 15-year fixed-rate mortgage rose to 5.44% from 5.38% the previous week. Last January, the shorter term averaged 6.16%, indicating a 72-basis-point improvement year-over-year. Freddie Mac’s data also reveal that adjustable-rate products held steady, with 5-year ARMs averaging 4.87%. The weekly fluctuations underscore persistent volatility in Treasury yields, which have ranged between 3.8% and 4.1% for the benchmark 10-year note over the past month.

According to Sam Khater, Freddie Mac’s Chief Economist, the combination of lower long-term rates and sustained economic expansion has drawn more buyers into the market, particularly first-time purchasers who account for 32% of applications compared with 28% a year ago. Khater advises borrowers to obtain multiple rate quotes, noting that lenders’ spreads vary by up to 20 basis points on identical credit profiles. Industry estimates suggest that shopping across three lenders can save an average of $1,200 in annual mortgage payments on a $300,000 loan.