Mortgage Rates Drift Lower | Today, February 23, 2026

Today’s mortgage rates

Mortgage rates ticked down slightly this morning, continuing their favorable position near three-year lows as markets digest ongoing economic signals.

Today’s economic landscape presents competing forces, with inflation concerns and tariff uncertainty balanced against Federal Reserve caution, likely keeping rate movements modest in the near-term.

With rates hovering near three-year lows, see if it makes sense to refinance or tap into your home equity. For hopeful home buyers, see what advice experts have for 2026 and if you qualify for financial assistance programs or more lenient loan types.

Current mortgage and refinance rates

>Related: 7 Tips to get the best refinance rate

30-year fixed rate mortgage

At the time this was published, the average 30-year fixed mortgage rate reached %.

The average 30-year fixed rate mortgage (FRM) hit a record weekly low of 2.65% on Jan. 7, 2021, and a record weekly high of 8.89% on Dec. 16, 1994, according to Freddie Mac.

A 30-year FRM gives borrowers an affordable option but you pay more interest over the life of the loan compared to shorter mortgages.

15-year fixed rate mortgage

Today, the average 15-year fixed mortgage rate went to %.

The average 15-year FRM hit a record weekly low of 2.1% on July 29, 2021, and a record weekly high of 18.63% on Sep. 10, 1981, according to Freddie Mac.

The 15-year FRM offers borrowers a briefer term with less accrued interest, but the monthly payments will be much higher.

5/1 adjustable-rate mortgage

This morning’s 5/1 adjustable rate mortgage averaged %.

Adjustable-rate mortgages (ARMs) typically have lower initial interest rates compared to fixed loans. Once that initial period ends, the interest rate adjusts to the current market conditions. In this case, the initial period is five years and the adjustments are up to once every year. Homeowners with shorter term lending plans tend to see these as advantageous.

What experts are expecting

Charles Goodwin, head of bridge and DSCR lending at Kiavi

“I expect to see mortgage rates remain relatively stable in February, with room to drift modestly lower even in the absence of a Fed meeting.”

Market data affecting today’s mortgage rates

Here’s a snapshot of the state of play as this article was published. The data mostly compares to roughly the same time the business day before, so much of the movement will often have happened in the previous session. These movements are based on the previous day’s settlement prices.

• The yield on 10-year Treasury notes increased to 4.173% from 4.170%. (Bad for mortgage rates.) Mortgage rates often follow these Treasury bond yields.
• Major stock indexes mostly fell this morning. (Good for mortgage rates.) When investors sell shares, they often buy bonds, pushing prices up and yields—and mortgage rates—down. The opposite may occur when indexes rise. However, this relationship is not always consistent.
• Oil prices increased to $66.59 from $66.39 a barrel. (Bad for mortgage rates*.) Energy prices influence inflation and economic activity. Still, oil remains well below its 52-week high of $78.40, indicating limited inflationary pressure.
• Gold prices increased to $5,171.40 from $5,080.90 an ounce. (Good for mortgage rates*.) Rising gold prices often signal economic concerns, which can benefit mortgage rates. Gold’s strong performance near its 52-week high of $5,626.80 reflects ongoing uncertainty.
• CNN Business Fear & Greed Index remained at 42 out of 100. (Neutral for mortgage rates.) “Fearful” investors tend to favor bonds, lowering rates, while “greedy” ones do the opposite. Lower readings are often better for rates.

*A movement of less than $20 on gold prices or 40 cents on oil prices is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.

So, use markets only as a rough guide. Because they have to be exceptionally strong or weak for us to rely on them. But, with that caveat, mortgage rates today might nudge upward or barely budge. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.

What’s driving mortgage rates today?

This week

Mortgage rates face a quiet period ahead, with limited economic data on the calendar to drive significant movement. The Federal Reserve held rates steady at its first meeting of 2026 after three consecutive cuts in late 2025, and with no Fed meeting scheduled for February, policymakers are in wait-and-see mode. The central bank’s next gathering won’t occur until mid-March, leaving rates dependent on incoming economic signals rather than policy announcements.

The week’s sparse data slate includes factory orders and potential commentary from Fed officials, but nothing with the firepower to substantially shift rate expectations. Gold has been climbing on tariff uncertainty and geopolitical tensions, while oil prices have edged higher on Middle East supply concerns. Treasury yields have held relatively steady, reflecting investor caution about inflation progress and the labor market’s resilience.

Most experts anticipate rates will trade in a narrow band this week. With January’s jobs report and inflation data now behind us, the next major catalyst won’t arrive until February employment figures are released. Until then, the consensus points to mortgage rates hovering in their current range, absent any unexpected economic developments.

Recent trends

Freddie Mac’s February 19 report put the weekly 30-year fixed mortgage rate average at 6.01%, dropping eight basis points (0.08%) from the previous week and reaching the lowest level since September 2022. Rates remain near three-year lows, with purchase and refinance applications rising year-over-year. Freddie’s data serves as a market barometer and trend tracker, but individual rates vary by lender and depend on personal financial profiles.

Expert forecasts for mortgage rates

Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

Here are their quarterly rate forecasts for 2026.

The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie updated its forecast on February 12 and the MBA updated theirs on January 21.

Of course, given so many unknowables, these forecasts might be even more speculative than usual. And their past record for accuracy — due to the volatile nature of interest rates — hasn’t been wildly impressive.

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.

Current mortgage rates methodology

We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.

Today’s mortgage rates FAQ