WASHINGTON, Feb 12, 2026, 16:58 (EST)
Mortgage rates in the U.S. dipped slightly this week. Freddie Mac reported Thursday that the average 30-year fixed loan now sits at 6.09%, down from 6.11% last week. The 15-year fixed dropped, too, easing to 5.44% from 5.50%. A year ago, the 30-year was sitting much higher at 6.87%. (Freddie Mac)
Borrowing costs remain stuck near their lowest point in almost three years, right as the spring homebuying window approaches. “Housing affordability continues to measurably improve,” said Sam Khater, Freddie Mac’s chief economist. (Investing.com South Africa)
Still, the cooldown followed new data showing the labor market holding steady—a factor that could muddy expectations for a swift rate drop. The Labor Department on Wednesday said payrolls increased by 130,000 in January and the unemployment rate stayed put at 4.3%, with health care, social assistance, and construction seeing the biggest job pickups. (Bureau of Labor Statistics)
Mortgage rates tend to move with the 10-year Treasury yield, which slipped to around 4.13% by midday Thursday—down from about 4.21% a week ago. The Federal Reserve put rate cuts on hold after trimming rates three times late last year. Economists don’t expect mortgage rates to budge much from the 6% range unless borrowing costs fall more sharply. (AP News)
Demand isn’t showing a clear trend. During the week ending Feb. 6, the Mortgage Bankers Association said mortgage applications dipped by 0.3%. Refinance activity, however, ticked up 1%—and stood 101% above the same week last year. “A mixed bag,” is how MBA deputy chief economist Joel Kan put it. More borrowers went for government-backed FHA loans and adjustable-rate mortgages, drawn by their lower introductory rates compared to standard fixed-rate offerings. (HousingWire)
Daily trackers tell a somewhat different story. Zillow had the average 30-year fixed mortgage sitting near 5.99% this Thursday, with 30-year refinance rates showing up at 6.67%. These figures shift every day and often cover a wider range of borrowers and fees compared to the weekly surveys. (CBS News)
On Feb. 12, Bankrate showed the average 30-year fixed mortgage rate at 6.16%, slipping seven basis points, or 0.07 percentage point, from the previous week. The 30-year fixed refinance rate landed at 6.55%. “We are still in that holding pattern,” said Dr. Anthony Kellum, president and CEO of Kellum Mortgage. (Bankrate)
Cheaper borrowing hasn’t moved the needle on supply. January’s existing home sales dropped 8.4% to a 3.91 million annual rate, while inventory shrank again—down to 1.22 million homes, according to the National Association of Realtors. “Supply has not kept pace,” NAR’s Lawrence Yun said. (Reuters)
Still, Friday’s inflation data has the potential to rattle bonds and shake up mortgage calculations. The Labor Department plans to publish the January consumer price index at 8:30 a.m. ET on Feb. 13. If that number comes in above forecasts, Treasury yields — and mortgage rates — will probably climb again. (Bureau of Labor Statistics)
