The 30-year fixed-rate mortgage averaged 6.09% this week, down from 6.11% last week and 6.87% a year ago, while the 15-year rate fell to 5.44%.
The Mortgage Bankers Association reports the overall delinquency rate climbed to 4.26% in Q4 2025, up from the prior quarter and a year earlier.
FHA delinquencies rose to 11.52%, the highest level since mid-2021, with newer loans from 2022 and 2023 under more pressure due to higher rates and stretched affordability.
Home prices remain elevated but mortgage rates continue to improve for buyers. Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 6.09% this week.
“Bolstered by strong economic growth, a solid labor market, and mortgage rates at three-year lows, housing affordability continues to measurably improve,” said Sam Khater, Freddie Mac’s chief economist. “These factors have caught the attention of many prospective homebuyers, driving purchase application activity higher than a year ago.”
Average rates
The 30-year FRM averaged 6.09% as of February 12, 2026, down from last week when it averaged 6.11%. A year ago at this time, the 30-year FRM averaged 6.87%.
The 15-year FRM averaged 5.44%, down from last week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 6.09%.
Some homeowners who are paying a higher mortgage rate are struggling to make on-time payments. The Mortgage Bankers Association reports the delinquency rate for mortgage loans on residential properties increased to a seasonally adjusted rate of 4.26% of all loans outstanding at the end of the fourth quarter of 2025.
The delinquency rate was also higher than the third quarter of 2025 and up from one year ago. The percentage of loans on which foreclosure actions were started in the fourth quarter remained unchanged at 0.20%.
FHA loan delinquencies rise the most
“Mortgage delinquencies increased across all three major loan types — Conventional, FHA, and VA — in the last three months of the year,” said Marina Walsh, CMB, MBA’s vice president of Industry Analysis. “The most pronounced uptick was with FHA loans, which reached a delinquency rate of 11.52%, the highest level since the second quarter of 2021.”
That’s concerning because FHA borrowers tend to be first-time homeowners and have moderate incomes.
Walsh noted that serious delinquencies — which include loans 90+ days delinquent and in foreclosure — vary by year of origination.
For FHA loans, the vintage years 2020 and 2021 are performing better than the vintage years 2022 and 2023, when mortgage rates rose and affordability was especially stretched. With FHA volume increasing, mortgage rates moderating, and borrower credit characteristics improving on newer FHA originations, the performance of recent cohorts may temper stress on overall FHA portfolios.