Are mortgage rates finally above 6%?

The Housing Market Shift

Mortgage rates crossed above 6% for the first time in two weeks on February 5, 2026, with the 30-year fixed rate reaching 6.03%.

The Rate Landscape

Small increase: The rate rose just 5 basis points but represents a psychological threshold for buyers.

15-year holding steady: The 15-year fixed rate remains at 5.50%, still attractive historically.

Refinance rates higher: The average 30-year refinance rate is 6.67%, and 5.57% for 15-year options.

Buying Opportunity?

With the spring homebuying season weeks away and rates still down more than a full percentage point from a year ago, experts suggest now may be an ideal time to act. No Fed meeting this month and no major unemployment reports mean fewer potential disruptions to the rate climate.