Mortgage Rates Fell Even as Treasury Yields Rose

(February 5, 2026) — The National Association of Homebuilders is reporting that long-term mortgage rates continued to edge lower in January, even as Treasury yields ticked up. According to Freddie Mac, the average 30-year fixed-rate mortgage fell to 6.10%, down 9 basis points from December. The 15-year fixed-rate mortgage also declined, dipping 4 basis points to 5.44%. Compared to a year ago, the 30-year rate is 86 basis points lower, while the 15-year rate is down 72 basis points.

At the same time, the 10-year Treasury yield—a key benchmark for long-term borrowing—averaged 4.20% in January, 8 basis points higher than the prior month, though still 43 basis points below its year-ago level. Mortgage rates usually move in the same direction as Treasury yields, but in January, the gap between them narrowed. Reports that the Trump administration encouraged Fannie Mae and Freddie Mac to expand purchases of mortgage-backed securities helped increase demand for MBS, putting downward pressure on mortgage rates.

That support, however, was challenged late in the month as Treasury yields jumped in the final week of January amid global and fiscal pressures. A widening rift with Europe and a broader pullback in international buying of U.S. Treasuries appear to have pushed U.S. rates higher. The 10-year Treasury yield started 2026 at 4.11% and has since climbed to 4.26%, partially offsetting the rate relief that came from the additional $200 billion in MBS acquisitions by the government-sponsored enterprises.