$200 billion housing move triggers immediate mortgage relief — who sees lower payments? Here’s new mortgage rate outlook 2026

Mortgage rates today are hovering near 5.99%, down sharply from the 7.8% peak seen during the recent housing affordability squeeze. That drop followed a $200 billion mortgage-backed securities purchase plan aimed at stabilizing the U.S. housing market. The move injected massive liquidity into mortgage bonds and immediately pushed yields lower. As a result, 30-year fixed mortgage rates eased to multi-year lows. Borrowers are already seeing lower monthly payments. Refinancing activity is rising again.