Mortgage Rates Are Stuck Near 6% — Should You Buy, Refinance or Wait?

After plummeting to 2.65% during the heart of the coronavirus pandemic, per the Consumer Financial Protection Bureau, mortgage rates skyrocketed back close to 8% in 2023. As of early February 2026, Freddie Mac data shows rates have stabilized in the 6.10% range, a small improvement from the Feb. 2025 average of roughly 6.9%. The question for homebuyers and refinancers alike is, will mortgage rates continue to drop, in which case waiting makes more sense, or is this a good enough move to take action? Buy ...