Mortgage Rates Dip Below 6%
Economic headlines
Prior to increased global tensions, mortgage rates hit a milestone as the average 30-year fixed-rate dropped to 5.98% last week—the first time the metric has dipped below 6% since September 2022.
This slight decline from 6.01% the prior week (and 6.76% a year ago), paired with rising inventory, is expected to pull buyers off the sidelines if the lower mortgage rates persist or continue to decline. Additionally, Freddie Mac reports that refinancing applications have already doubled year-over-year.
A resurgence in housing activity can add fuel to the broader economy. Refinancing frees up thousands in annual interest payments for consumer spending, while increased home sales drive job growth for supporting industries.
As an example, Mohawk Industries’ CEO was recently quoted in The Wall Street Journal: “U.S. consumers [spend] an estimated five times as much on remodeling their flooring in the first year after buying a home than non-movers.”
While these lower rates are a welcome reprieve for housing, the developing unrest in the Middle East remains a significant wildcard. We expect to see the first impacts reflected in energy costs at the pump, but the long-term effect on inflation and bond yields—and by extension, mortgage rates—remains to be seen.
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Follow the link below more analysis on the changes.
Multifamily operational performance
The average U.S. occupancy rate was stable from the prior week at just below 94%, but it was down 49 basis points from a year ago. The leased percentage was 95.73%, down 96 basis points from the prior year, suggesting availability is growing.
The average number of leases signed was 2.0 last week. While it was down 0.3 compared to a year ago, the pace has bounced back quickly since the start of the year.
Annual net effective rent growth was 0.3% at the national level. RevPAU, which combines the change in rents and occupancy, was -0.2% compared to a year ago.
| MSA | Annual Effective Rent Growth | Occupancy Rate |
| Atlanta, GA | -1.5% | 93.5% |
| Austin, TX | -5.5% | 91.8% |
| Dallas, TX | 0.8% | 92.8% |
| Denver, CO | -7.6% | 92.7% |
| Houston, TX | -3.6% | 92.8% |
| Las Vegas, NV | -3.5% | 94.3% |
| Miami, FL | -4.1% | 94.7% |
| Phoenix, AZ | -4.1% | 93.5% |
| San Francisco, CA | 5.0% | 96.3% |
| Seattle, WA | -0.5% | 94.8% |
| Washington, DC | -2.2% | 94.5% |
| U.S. | 0.3% | 94.0% |
Source: Radix Data as of 3/1/2026
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