Mortgage Rates Drop Below 6%: What It Means for Buyers & the 2026 Spring Housing Market

Buyers sitting with a real estate professional

Big news for the housing market. According to The Wall Street Journal, the average 30-year mortgage rate has dropped below 6% for the first time in more than three years.

This is important because mortgage rates affect how much people pay each month for a home loan. When rates go down, monthly payments usually go down too.

Why This Matters

1. Mortgage rates are a key driver of affordability. Even a fractional drop below 6% can translate into hundreds of dollars in monthly savings  and thousands over the life of the loan. Lower rates often encourage more buyers to enter the market, particularly first-time homebuyers and those looking to refinance existing loans.

Impact on Homebuyers

• Lower monthly payments on new mortgages make homeownership more accessible.

• Increased buying power can help buyers afford more home for the same monthly cost.

• Refinance activity typically rises when rates fall, helping current homeowners lower their payments.

What This Means for 2026

As the spring selling season begins — historically the most active time of year — buyers could finally feel more confident making moves after years of high borrowing costs. While rates remain above the historically low levels seen during the pandemic, breaking below 6% marks a shift that could stimulate more transactions, particularly in growing markets like Florida.