The weekly average mortgage rate on a 30-year fixed-rate mortgage has dropped to its lowest level in 41 months, easing affordability concerns among prospective homebuyers, according to Feb. 19 data from Freddie Mac.

For the week ending Feb. 19, the 30-year weekly rate was 6.01 percent.

“Mortgage rates dropped again this week, now down to their lowest level since September of 2022,” Sam Khater, Freddie Mac’s chief economist, said in a statement. Rates were at 6.02 percent on Sept. 14, 2022.

“This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”

The current 6.01 percent mortgage rate is almost a percentage point lower than the 6.96 percent rate when the Trump administration took office on Jan. 20, 2025.

According to the National Association of Realtors, the median sales price of an existing home in January was $396,800. The rate dip during the Trump administration lowers the monthly mortgage payment for such a home with a 20 percent downpayment from $2,482 to $2,284, a savings of nearly $200 per month for a homeowner, according to a Zillow home loan calculator.

In a Feb. 19 statement, the White House said President Donald Trump was “delivering real progress in making homeownership and housing more affordable” for Americans.

“These encouraging developments are part of a broader wave of positive momentum in the housing market under President Trump’s leadership,” the White House said.

The Trump administration has taken several actions to boost home affordability. In January, Trump signed an executive order restricting Wall Street companies from buying single-family homes nationwide.

“Hard-working young families cannot effectively compete for starter homes with Wall Street firms and their vast resources,” Trump wrote in the order.

“Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests.”

Last month, Trump announced on Truth Social that he had ordered the purchase of $200 billion in mortgage bonds, which is expected to lower mortgage rates and reduce monthly payments.

The federal government is also looking to introduce 50-year mortgage terms to lower monthly payments, open federal lands for construction, and issue a national housing emergency declaration to speed up development.

“The Trump Administration remains fully committed to building a strong, accessible housing market that works for every American family,” the White House said.

“This includes continued efforts to combat inflation, support job creation, increase housing supply, and promote long-term prosperity—so that all Americans can thrive and own their piece of the American Dream.”

Amid declining mortgage rates, mortgage applications to buy new homes increased on a monthly and annual basis in January, the Mortgage Bankers Association said in a Feb. 19 statement.

Applications grew by 19 percent in January from December, and by 2 percent from a year ago.

According to a Feb. 18 statement from the Census Bureau, both building permit authorizations and housing starts registered monthly gains in December.

Permit authorizations rose by 4.3 percent from November, while housing starts jumped 6.2 percent, suggesting momentum is picking up among these metrics.

In a Feb. 17 statement, the National Association of Home Builders said that while the housing sector faces challenges in 2026, the association still has “cautious optimism” about the market.

“The housing market will continue to face several headwinds in 2026, including economic policy uncertainty as well as a softening labor market and ongoing affordability problems,” the statement said.

“But easing financial conditions led by an anticipated modest reduction in mortgage rates should help to somewhat offset these market challenges and support production and sales.”

NAHB expects mortgage rates to remain slightly above 6 percent in 2026, gradually declining as the Federal Reserve cuts its benchmark interest rate.