Mortgage rates today are hovering near 5.99%, down sharply from the 7.8% peak seen during the recent housing affordability squeeze. That drop followed a $200 billion mortgage-backed securities purchase plan aimed at stabilizing the U.S. housing market. The move injected massive liquidity into mortgage bonds and immediately pushed yields lower. As a result, 30-year fixed mortgage rates eased to multi-year lows. Borrowers are already seeing lower monthly payments. Refinancing activity is rising again. The housing market 2026 outlook just shifted. New homebuyers also gain purchasing power. Lower mortgage rates today increase affordability.