The president's latest affordability push sent 15- and 30-year mortgage rates tumbling. But experts say the long-term impact may be limited.

The rate on a 30-year fixed refinance slipped to 6.2% today, according to the Mortgage Research Center. Rates averaged 5.26% for a 15-year financed mortgage and 5.98% for a 20-year financed mortgage.

Typically, the debt must be paid back upon a borrower’s death or the sale of the home. Reverse mortgages can be risky, because they may limit your ability to downsize your home or move to a care facility. And there may be no equity left if you intend to leave your home to any heirs.

While homebuyers should not expect a drastic reduction in mortgage rates in the near term, rates could continue to fall through 2026. Fannie Mae predicts that mortgage rates will start off 2026 at 6.2% and drop to 5.9% by the end of the year. On the other hand, the Mortgage Bankers Association sees mortgage rates holding steady at 6.4% this year.

Single-family median price rose 3.55% to $525,000 from $507,000 over the same period. Single-family pending sales rose 2.87% to 215 units from 209 units over the same period. Condo sales fell to five units from 12 units over the same period. Condo median price rose 2.76% to $318,500 from $309,950 over the same period.

Discover how banks set loan interest rates, from Federal Reserve policies to market trends and borrower creditworthiness, for better financial decisions.

Big lenders have launched into 2026 by cutting rates with HSBC and Barclays leading the charge this week. On Monday HSBC announced it was reducing prices on residential and buy-to-let fixed-rate mortgages. Today, Barclays and Halifax have made reductions to a range of their fixed mortgage rates too.