New York, Feb 19, 2026, 13:32 EST — Regular session
- The 30-year fixed mortgage rate from Freddie Mac slipped to 6.01%, marking its lowest point since September 2022.
- Mortgage applications climbed last week, according to MBA data, with refinancing driving the increase.
- Homebuilder stocks and housing ETFs slipped, with investors digesting Friday’s inflation numbers.
Freddie Mac reported Thursday that the average 30-year fixed mortgage rate slipped to 6.01%—marking a new cycle low as U.S. rates continued their decline this week.
This comes as the spring selling season approaches, with buyers still skittish about rates and inventory remaining scarce. If rates keep dipping, refinancing could pick up in a hurry, and over time, that shift might ease some of the affordability pressure on potential buyers.
The launch lands right as markets snap back to trading on macro forces. Eyes are on inflation numbers set for release Friday—figures that have the power to jolt Treasury yields. Those yields, of course, set the tone for mortgage lenders calibrating home-loan rates.
Freddie Mac reported the average 30-year fixed mortgage rate dipped to 6.01% in its latest weekly survey, slipping from 6.09% the week before. The 15-year fixed moved lower as well, hitting 5.35%, down from 5.44%. “Mortgage rates dropped again this week, now down to their lowest level since September of 2022,” said Freddie Mac Chief Economist Sam Khater. (Globenewswire)
Mortgage applications climbed 2.8% for the week ended Feb. 13, according to the Mortgage Bankers Association’s latest weekly survey out Wednesday. Most of the action came from a jump in refinancing: the Refinance Index shot up 7% and is now 132% higher than a year ago. The Purchase Index, adjusted for seasonality, slipped 3%. (Mba)
Joel Kan at MBA pointed to the “lowest rates in four weeks” as a spark for refinancing activity. The group pegged the average contract rate on a 30-year fixed mortgage at 6.17%. One basis point equals 0.01 percentage point. (Mba)
Investors kept a close eye on bond-market signals Thursday, with fresh data revealing initial jobless claims dropped further than forecasts had suggested. The report points to a labor market still resilient enough to fuel ongoing debate over inflation. (Reuters)
The latest read on housing? A mixed bag. U.S. pending home sales took an unexpected dip in January, according to the National Association of Realtors. Lower rates haven’t solved the inventory crunch, NAR chief economist Lawrence Yun pointed out. With mortgage rates holding near 6%, Yun estimated roughly 5.5 million more households qualify for mortgages versus a year ago. Still, he cautioned, supply constraints could push prices up. (Reuters)
Housing-related names lagged the move in rates. Lennar slipped roughly 2.7% by midday, while D.R. Horton dropped 1.6% and PulteGroup gave up 1.4%. The iShares U.S. Home Construction ETF shed about 1.3%. Rocket Companies, focused on mortgages, fell around 2.1%. UWM Holdings barely moved.
Here’s the usual trade-off: lower mortgage rates do boost affordability, but if rates are slipping because the data’s turning soft, that’s a growth warning. Plus, in housing, easier borrowing doesn’t actually increase supply.
Friday’s inflation data is the key risk for rates. If the numbers come in above expectations, Treasury yields could spike, erasing some of the recent improvement in mortgage affordability and sidelining more buyers.
Next up for investors: the Personal Consumption Expenditures price index lands Feb. 20, a key inflation measure the Federal Reserve watches closely. Also on deck, fresh mortgage application figures will show if the pickup in refinancing and purchase demand sticks. (Bea)
