Key Highlights
- Mortgage rates ticked higher this week, with the 30-year fixed rate at 6.11%.
- The average rate on a 15-year mortgage rose to 5.5% from last week’s reading of 5.49%.
- Freddie Mac’s chief economist highlighted improving affordability and home availability for buyers.
- Homebuyers may see some relief in the coming months, as factors like low inflation and wage growth support affordability.
Mortgage Rates on the Rise
As of February 5, 2026, mortgage rates have seen a slight uptick, with the average rate on the 30-year fixed mortgage increasing to 6.11%, up from last week’s reading of 6.10%. The 15-year mortgage also saw a rise, now averaging at 5.5%.
Freddie Mac’s Perspective
Sam Khater, Freddie Mac’s chief economist, noted that the 30-year fixed-rate mortgage has remained relatively stable for several weeks, indicating an encouraging period of low rates in recent months. However, he also mentioned that any change in policy or political uncertainty could affect these rates.
The Housing Market Dynamics
Anthony Smith from Realtor.com pointed out that while the 30-year fixed rate was little changed this week, it ticked marginally higher. He attributed this to a combination of factors including the Federal Reserve leaving interest rates unchanged and the nomination of Kevin Warsh as the next Federal Reserve chair.
Investment and Policy Considerations
Smith also emphasized that mortgage rates are influenced by long-term yields, which respond to economic signals, market sentiment, and perceived risks. He highlighted that political objectives mixed with monetary policy can create unexpected outcomes, such as higher rates even during a rate-cutting cycle.
Potential Relief on the Horizon
Despite the current rise in mortgage rates, Smith remains optimistic about potential relief for homebuyers. He noted that low inflation and a stable labor market with wage growth can boost household purchasing power, contributing to better affordability. A Fed seen as credibly delivering on its dual mandate of price stability and maximum employment could lead to more durable improvements in housing affordability.
Expert Analysis
Khudater further explained that aggressive calls for rate cuts might not translate into lower mortgage rates if market confidence in the Fed’s inflation-fighting credibility wanes. This underscores the risk of mixing political objectives with monetary policy, and the importance of maintaining a credible approach to economic management.
Conclusion
The current state of mortgage rates reflects both stability and potential volatility, depending on various economic factors. While homebuyers might face slightly higher costs in the short term, the long-term outlook remains hopeful with key indicators supporting improved affordability.
You might think this is new, but… it’s been a rollercoaster ride for years now. The housing market continues to navigate through these challenges, and only time will tell how things play out. For now, stay informed and keep an eye on the Fed’s actions.