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You've been waiting for mortgage rates to drop below 6% for over three years. So far, a handful of national mortgage lenders are offering 30-year fixed-rate loans near 5.5%. Tempted?

MORE: See our top picks for mortgage lenders for first-time home buyers.

Mortgage rates in the 5% range can be found, but it takes some shopping.

A Yahoo Finance weekly survey of lenders with the best rates reveals six major lenders offering interest rates below 6%.

Three of the lenders, Navy Federal, Citi Mortgage, and PenFed Credit Union, are offering rates of 5.5%. Even with lender fees included, annual percentage rates (APRs) are close to or below 5.7%.

The survey reveals rates have been dropping for well over a month, but have been in the sub-6% range since the beginning of November. The rates are based on a median credit score of 715 with a 20% down payment on a home valued at just under $411,000.

If you have a higher credit score, your mortgage rate could be even lower.

To see how these sub-6% mortgage rates might impact your monthly payment, use the Yahoo Finance Mortgage Calculator below. You will also find a drop-down where you can include mortgage insurance and HOA dues to get an even more accurate payment estimate.

Mortgage rates in the 5% range will bring buyers and sellers back into the market. But would a resurging market introduce more competition for buyers?

Nadia Evangelou, senior economist with the National Association of REALTORS®, believed that lower rates could unlock housing inventory.

Falling mortgage rates "will help both first-time buyers and current homeowners take the next step," she said in a December housing report. First-time buyers facing higher rent costs may benefit as current homeowners finally sell and relocate — adding more homes for sale to the market.

Lower rates would also spark "a huge shift in who can realistically afford to buy," she added.

You locked in a low mortgage rate — now you want to move. What should you do?

If lenders with the lowest rates are already close to 5.5%, you should be preparing for even lower rates now. New credit scoring models for mortgages are being implemented, which might help you earn a better rate offer.

The Yahoo Finance weekly mortgage rate survey also proves the power of shopping with multiple mortgage lenders. The spread between the best and worst rates is consistently 1% or more. To prepare for lower mortgage rates:

Have your down payment in the bank. When an opportunity to buy presents itself, you'll have the funds ready to take action. You should also have enough to cover closing costs.

Check your credit score and get your personal finances in shape.

Nail down your home price range and target monthly payment. Knowing how much house you can afford and narrowing down the appropriate neighborhoods can set you up for early success when the time is right.

Explore a prequalification. Talk to a few mortgage lenders and have your home loan options lined up. You can have the lenders in your pocket for when it's time for an official loan preapproval.

Remember, national rates in the news have little to do with the interest rate you'll earn. That's because mortgage rates vary by state.

The average 30-year mortgage interest rate dipped into the lower 5% range for about six weeks in the summer of 2003. Then again, briefly in March 2004. A longer stretch of mortgage rates near and well below 5% began during the housing crisis and recession of 2008 and lasted 14 years, ending in October 2022.

It’s unlikely that mortgage rates will fall to 4% anytime soon. Unusually low mortgage rates became possible only after the 2008 housing crisis and the ensuing recession. Then, the COVID pandemic further suppressed them. It was a rare set of circumstances that pushed mortgage rates to historic lows. It would likely take equally uncommon events to cause such low rates to happen again.

The Federal Reserve cut the federal funds rate three times in 2025, and is expected to do so again once or twice in 2026. While mortgage rates don't directly respond to the Fed's monetary policy, it's a factor in the economic mix that does drive home loan rates lower.

Buy a home when you can afford to. A mortgage rate is not a lifetime commitment. It's likely you'll own more than one house, and even if you buy at a higher rate now, you can always refinance your mortgage when rates come down.

Laura Grace Tarpley edited this article.

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