Mortgage Rates Slip Below 6 Percent for First Time Since August 2022

Single family homes are shown in a residential neighborhood in Miramar, Fla., on Oct. 27, 2022. Joe Raedle/Getty ImagesThe landscape for mortgage rates shifted dramatically after President Donald Trump said on Jan. 8 that he’s directing representatives to purchase $200 billion in mortgage-backed securities from Freddie Mac and Fannie Mae in order to drive mortgage rates lower.The average rate for 30-year fixed mortgages on Mortgage News Daily slid 22 basis points on Jan. 9 to 5.99 percent following the president’s announcement. It’s the first time it has fallen below 6 percent since August 2022 and the lowest rate for long-term mortgages since February 2023.