The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US fell to 6.09% in the week ended February 20th 2026, compared to 6.17% in the previous period, according to the Mortgage Bankers Association. Borrowing costs declined for a second week to the lowest level since early September 2022. However, mortgage applications edged up 0.4% only, following a 2.8% jump in the previous period, with refinancing applications rising 4.1% while applications to purchase a home were down 4.7%. Although lower mortgage rates are helping to ease affordability pressures, home prices remain slightly higher than a year ago, and ongoing economic uncertainty continues to weigh heavily on consumer sentiment.