Mortgage rates fall below 6%, matching lowest level since 2022

The average 30-year fixed mortgage rate fell to 5.99% on Monday, matching Mortgage News Daily's lowest level since 2022, and applications to refinance are reported about 130% higher than a year ago, according to the Mortgage Bankers Association.

A stock market sell-off pushed investors toward the relative safety of bonds, which lowered yields and pulled mortgage rates down. The average 30-year fixed mortgage rate fell to 5.99% on Monday, matching its lowest level since 2022, according to Mortgage News Daily. Analysts and market commentary link the move to new uncertainty over tariffs, cooling inflation, and a weaker-than-expected GDP report. Refinancing activity has already been rising in recent weeks. Key facts: - Mortgage News Daily reported the average 30-year fixed rate at 5.99% on Monday. - The rate was about 6.89% at the same time last year, per the report. - The drop followed a stock market sell-off that sent investors into bonds, lowering yields. - Mortgage News Daily's Matthew Graham said this dip into the high 5% range looks more sustainable than a brief January drop. - The Mortgage Bankers Association reported refinance applications are roughly 130% higher than a year ago. Summary: The lower rate level is likely to be associated with increased refinancing activity, as recent application data indicate. Future movement in mortgage rates will depend on the broader bond market and 10-year Treasury yields, with analysts noting further declines in yields could lead to incremental rate improvements.