The number many buyers have been waiting for is finally here.
In this mortgage market update February 27, the average 30-year fixed rate has dropped to 5.98%, according to Freddie Mac’s latest survey. This marks the first time rates have fallen below 6% in more than three years.
And the shift is already influencing the market.
What Dropping Below 6% Really Means
First, let’s address the psychology.
For months, the 6% level acted as a mental barrier for many buyers. Once rates move below a major threshold, confidence often improves quickly. Now that the average rate begins with a five, more buyers feel comfortable re-entering the market.
At the same time:
- Home inventory continues to improve
- Spring buyers are beginning to move
- Market activity is gaining momentum
Freddie Mac’s chief economist has already stated that lower rates should encourage additional buyer activity. In other words, this change does not exist in a vacuum — it affects real demand.
Are We Going Back to Pandemic Rates?
Short answer: no.
Industry experts agree that we are not returning to pandemic-era lows. Those historic rates resulted from extraordinary economic intervention. Today’s environment is different.
However, that does not mean opportunity disappears.
Instead, we are seeing what many consider a more normalized rate environment. Buyers who act strategically during periods of improved affordability often position themselves ahead of the next wave of competition.
What This Means for Florida Buyers
For buyers in Florida — including Brevard County and surrounding markets — even a small rate shift can meaningfully affect purchasing power.
When rates decrease:
- Monthly payments improve
- Debt-to-income ratios strengthen
- Buying power increases
- More inventory becomes realistic
Because of that, serious buyers should review updated numbers rather than relying on assumptions from earlier in the year.
The Bottom Line
The 6% psychological barrier has officially been broken.
While we should not expect ultra-low rates to return, today’s shift represents a meaningful improvement in affordability compared to recent highs.
If you have been waiting for a sign, this may be the moment to revisit your strategy.
Ready to Review Your Buying Power?
If you have questions about your current rate, refinance options, or purchasing power, now is the time to run updated numbers.
Or call Morgan Financial today and let’s talk through your options.
Important Disclosures
The rate referenced above reflects Freddie Mac’s Primary Mortgage Market Survey® average for a 30-year fixed-rate mortgage as of February 27, 2026. Survey averages are not specific loan offers and may not reflect the rate available to any individual borrower.
Mortgage rates vary based on credit profile, loan type, occupancy, property type, down payment, and overall market conditions. This content is for informational purposes only and does not constitute a commitment to lend or guarantee of rate. All loans are subject to underwriting approval.
Please consult directly with a licensed mortgage professional to evaluate your individual situation.
