New York, Feb 12, 2026, 12:13 EST — Regular session
- Thursday saw 30-year fixed mortgage rates sticking a bit above 6%, as both lenders and borrowers remained locked in a narrow “holding pattern.”
- January saw existing-home sales drop 8.4% as affordability pressures and a thin supply continue to hold buyers back.
- Rocket Companies shares slipped in midday trading, with investors gauging mixed demand signals as the spring season approaches.
Mortgage rates in the U.S. stuck close to 6% on Thursday. That level is still keeping some homeowners interested in refinancing, though it hasn’t quite tempted more would-be buyers to jump in.
The timing is key with the spring homebuying season approaching, and slight shifts in rates can make a big difference in monthly payments. This comes as the market keeps searching for direction on the Federal Reserve’s next move, following a stretch of data that’s kept bond yields and mortgage costs volatile.
The average 30-year fixed mortgage rate slipped to 6.16% on Thursday, Bankrate reported, marking a 7 basis-point drop from the prior week. (One basis point equals one-hundredth of a percentage point.) “We are still in that holding pattern,” said Dr. Anthony Kellum, president and CEO of Kellum Mortgage. He noted the Fed remains wary after strong jobs numbers, even though inflation hasn’t picked up again. The next Fed decision comes March 18, according to Bankrate. Bankrate
Zillow’s own daily tracker pegged the average 30-year mortgage rate at 5.99% on Thursday—a number that highlights just how much these rates can fluctuate, depending on how and when they’re measured.
Mortgage demand is still stuck in neutral. The Mortgage Bankers Association reported mortgage applications dipped 0.3% for the week ending Feb. 6, with the 30-year conforming contract rate holding steady at 6.21%. “Mortgage applications were relatively flat over the week,” MBA Vice President and Deputy Chief Economist Joel Kan said. Kan pointed out that some would-be borrowers are waiting for better rates, while others are moving toward different loan types—FHA and adjustable-rate mortgages both picked up share. MBA
Rocket Companies shares slipped 5.4% to $17.58 around midday.
Rocket shares slid 8.2% on Wednesday, ending the session at $18.59. UWM Holdings also edged lower that day, but mortgage insurers—MGIC Investment and Radian Group—pushed higher.
Another batch of housing numbers leaned on sentiment. The National Association of Realtors reported U.S. existing-home sales dropped 8.4% in January, down to a seasonally adjusted annual pace of 3.91 million—marking the slowest reading since December 2023. Median price edged up to $396,800, inventory stuck at 1.22 million, and first-time buyers made up 31% of all sales.
Rates keep pulling double duty—giving some relief to potential refinancers and edge-of-market buyers, yet affordability remains a stretch in expensive markets. Thin supply and persistent prices aren’t budging.
If inflation or labor data comes in unexpectedly hot, rates could climb again, Treasury yields moving higher and squeezing out the already slim opening for buyers dependent on lower rates. Mortgage lenders and insurers would feel the brunt, and the hoped-for rebound in transactions could end up pushed out even further.
Traders keep an eye on fresh U.S. data, hunting for any hint on where the Fed might move next. March 18 stands out as the next scheduled event to watch.
