President Trump continues to follow through on his campaign promise to make America great again, as mortgage costs have declined to new lows.
According to Breitbart, the average rate for a 30-year fixed mortgage this week was 5.98 percent. This is the first time that the average rate has dropped this low since September 2022. At this time one year ago, the average rate was 6.76 percent, and experts predict it will stay in the low 6 or below. The Hill reported that Sam Khater, Freddie Mac’s chief economist, said, “This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners.”
For months, mortgage rates have been trending lower, signaling some hope for the housing market and giving homebuyers more purchasing power. While the housing market has not yet recovered from its slump, real estate experts expect a steadier market. According to Zillow, existing home sales are projected to reach 4.2 million this year, an increase of around 3.9 percent from 2025. At the same time, sales inventory will increase by nearly 9 percent over this year.
“Assuming rates stay below 6 percent, buyers and sellers are going to start getting back into the market,” said Lisa Sturtevant, a chief economist at Bright MLS. “March is when the spring homebuying season typically begins to ramp up and with rates at a three-and-a-half year low, it could be a barn burner of a spring homebuying season.”
This means that borrowing costs on a 15-year mortgage are now the lowest they’ve been since October 2024 at 5.35 percent. Breitbart reported that during his campaign in 2024, President Trump promised Americans his administration would make homebuying more affordable, saying:
“We’re going to bring it down very fast, we’re going to bring energy down. We will drive down the rates so you will be able to pay 2 percent again and we will be able to finance or refinance your homes drastically.”
It’s clear that he’s made good on his promise by bringing relief to homeowners and homebuyers while boosting the local economy.