Mortgage Rates Drop Below 6% for the First Time in 3.5 Years

According to the latest Primary Mortgage Market Survey® from Freddie Mac, mortgage rates have officially dipped back into the 5% range — something we haven’t seen in three and a half years.

As of February 26, 2026:

• 30-Year Fixed Mortgage: 5.98%
• 15-Year Fixed Mortgage: 5.44%

Last week, the 30-year rate was 6.01%.
One year ago, it was 6.76%.

That’s a meaningful shift.

Freddie Mac noted:

“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range… This rate, combined with improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for the spring homebuying season.”

Why This Matters for Michigan Buyers and Sellers

When rates move from the high 6% range down into the 5% range:

✔ Monthly payments improve
✔ Buying power increases
✔ More buyers re-enter the market
✔ Spring competition can heat up

For sellers in areas like Plymouth, Livonia, Novi, Westland, and surrounding communities, this could mean stronger activity heading into peak season.

For buyers who have been waiting, this is the first significant affordability improvement we’ve seen in years.

Source

Freddie Mac Primary Mortgage Market Survey®
Released February 26, 2026
https://www.freddiemac.com/pmms