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The average 30-year fixed-rate mortgage hit 6.09 percent this week. The shift has brought average monthly housing payments down 6 percent compared to 2025.

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Mortgage rates are hovering near their lowest level in three years, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The average 30-year fixed-rate mortgage hit 6.09 percent this week, while the average 15-year fixed-rate mortgage reached 5.44 percent. Both measures are up from the previous week; however, they’re down from the previous year when average 30-year and 15-year fixed-rate mortgages clocked in at 6.96 percent and 6.16 percent, respectively.

“With the economy improving and the average 30-year fixed-rate mortgage nearly a percentage point lower than last year, more homebuyers are entering the market,” the report stated. “Buyers always should shop around for the best rate, as multiple quotes can potentially save them thousands.”

The rate drop has spurred some homebuyer and homeseller activity, with Redfin reporting on Thursday that mortgage-purchase applications and new listings improved for the four weeks ending Jan. 18. Mortgage-purchase applications rose 5 percent week over week, while new listings tallied the smallest decline since November (-1.6 percent).

The rate decline has brought the median U.S. monthly housing payment down 6.3 percent year over year to $2,441. Even so, homebuyers are taking their sweet time to seal the deal, with the typical home spending 61 days on the market before going under contract — a week longer than last year. Redfin said the lull is primarily due to the market tilting in buyers’ favor, allowing them to negotiate pricing and other incentives.

“Buyers have much more power than they’ve had over the past few years,” Redfin Premier agent Ben Ambroch said in the report. “A lot of buyers are giving up a 3 percent mortgage rate for a 6 percent rate, so they have high standards for their new home.”

“Buyers are negotiating prices and asking for repairs based on inspections,” he added. “Sellers are more willing to compromise because listings have been sitting on the market longer; the sellers who need to move are eager to get a deal done.”

Email Marian McPherson

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