30-year mortgage rate rises to 6.55%, pressuring homebuyers

The average 30-year U.S. mortgage rate climbed to 6.55%, its highest level in nearly a year, in Freddie Mac’s Primary Mortgage Market Survey from McLean, Va. The 30-year fixed loan remains the benchmark for millions of homebuyers and homeowners refinancing, so even a small move quickly changes what families can afford.

On a median-priced new home of $413,595, using the National Association of Home Builders’ February 2026 estimate and a 20% down payment, the loan would be about $330,876. At 6.55%, the principal-and-interest payment works out to roughly $2,100 a month, compared with about $1,980 at 6%, a difference of about $120 before taxes, insurance and fees. That extra cost lands hardest on first-time buyers and households already close to lender qualification limits.

The rate increase adds to a market that is already short on listings. Freddie Mac housing research puts the U.S. short by millions of units, and a related estimate put the market 1.5 million homes shy of balanced. Higher borrowing costs intensify the lock-in effect, because millions of owners who refinanced into historically low rates earlier in the decade have little incentive to sell and take on a far more expensive mortgage.

That leaves fewer existing homes for sale, which helps keep prices elevated even when demand is there. Lower mortgage rates make homes more affordable, and the reverse is now showing up in monthly budgets, especially for buyers without equity from a previous home sale.

NAHB’s February study found that 65% of U.S. households could not afford a median-priced new home at a 6% mortgage rate, a calculation that translated to 88.2 million households priced out.