US mortgage rates slipped last week to the lowest level since 2022, generating more refinancing activity.

The contract rate on a 30-year mortgage dropped 8 basis points to 6.09% in the week ended Feb. 20, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages fell to 5.23%, also the lowest since September 2022.

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An index of refinancing activity climbed more than 4% to the second-highest level in five months. Refinancing has increased in all but two weeks this year, based on MBA data.

However, the near quarter-point decline in mortgage rates this year has yet to inspire buyers, illustrating a housing market still struggling to gather momentum. The MBA's measure of applications for home purchases declined 4.7% last week to the lowest level since April.

At the end of 2025, new-home sales perked up, helped in part by builder incentives. The resale market also finished the year strong, offering hope the real estate market was starting to stir after years of malaise. But that's only one part of the equation, with home prices still near record highs.

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Still, mortgage rates that are hovering just above 6% have the potential of attracting buyers with the approaching spring selling season. President Donald Trump last month asked Fannie Mae and Freddie Mac to purchase $200 billion of mortgage-backed securities in an effort to drive down home financing costs. 

The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.