Mortgage Rates Fall to Lowest Levels in Over Two Years

As of February 20, 2026, average mortgage rates have reached their most favorable point since September 2022, according to recent data. This presents a potential opportunity for prospective homebuyers and current homeowners alike.

Is Now a Good Time to Buy?

Johnny Reyes, a local real estate agent and mortgage loan officer with Flat Fee MLS Realty in Brandon, Florida, suggests that waiting for rates to drop further could lead to higher home prices. He advises that now is an optimal time to purchase a home. “If you’re able to buy, buy. Now’s always a great time to buy. Rates will always fluctuate up and down,” Reyes said.

Reyes highlights the advantage of locking in a home price and the possibility of refinancing if rates decline further. “The nice advantage you’ll have is once you lock in a price of a home, you know that you can refinance it every 6 months if you wanted to.”

Recent Homebuyer Experiences

Two Tampa Bay area residents, Mary Jo Spack and Natalie Mena, recently benefited from favorable timing in their home purchases. Spack purchased her home in 2024, and Mena purchased hers in July 2025, both securing interest rates of 6.25%.

Spack expressed luck in securing a lower rate compared to a friend who purchased a home six months prior. Mena acknowledged the challenges of buying in a higher-rate environment but was pleased with her rate.

Refinancing Opportunities for Current Homeowners

Reyes, who has been assisting clients with loans since 2011, emphasizes the potential savings through refinancing. Even a 1% reduction in the interest rate can result in significant monthly savings. “Even saving them 1% makes a big difference. Potentially, we could be talking about savings between $75 to $100 a month, but that could be the ultimate reason for that family to craft that drastic of a decision because it is a savings for them,” Reyes explained.

Even as increased buyer activity may lead to more competition for sellers, homeowners can still benefit from refinancing opportunities as rates continue to decrease.

Seeking Professional Guidance

Reyes recommends seeking professional guidance when considering a home purchase, despite the associated costs.