MORTGAGE RATES FALL BELOW 6%
FOR THE FIRST TIME SINCE 2022

via cbsnew.com—Homebuyers are welcoming something they haven't seen since 2022: mortgage rates below 6%. The reduction could offer home hunters some financial breathing room as the spring home-buying season gets started.

The benchmark 30-year fixed-rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.76%.

The average rate has been hovering close to 6% this year. This latest dip, its third decline in a row, brings it to its lowest level since Sept. 8, 2022, when it was 5.89%.

At the start of the pandemic, mortgage rates hit historic lows — with borrowers able to secure terms below 3% — as the Federal Reserve slashed its benchmark rate. But mortgage rates soared to above 7% in 2023 as the Fed boosted rates to tame the highest inflation in 40 years, pricing some homebuyers out of the market.

Mortgage rates have been trending lower for months, in part because the Fed cut rates last fall and amid shifting economic factors. While that helped drive a pickup in home sales the final four months of 2025, it hasn't been enough to lift the housing market out of its post-pandemic slump.

"Assuming rates stay below 6%, buyers and sellers are going to start getting back into the market," said Lisa Sturtevant, chief economist at Bright MLS. "March is when the spring home-buying season typically begins to ramp up and with rates at a three-and-a-half year low, it could be a barn burner of a spring home-buying season."…READ MORE

The Current Miami Springs Market

This week there are forty-three (43) active listings in the MS/VG markets. There are eighteen (18) listings over a million. Three (3) listings are over $2 million, and one is close to $4 million. High prices remain and demand is still slow, but I do expect a busy Spring buying/selling season. LIST NOW if you are thinking about selling! There are still qualified Buyers out there!More increases in inventory in the months ahead?? I think so.

Mortgage interest rates have decreased! For the first time since 2022, interest rates are under 6.0%! There are still qualified buyers looking for the right property. Timing is everything. Days on the market (DOM) are on average 84 days. Some houses sell quickly. It all depends on pricing, condition and location, location, location. The decrease in interest rates should result in increased sales activities. It is important to price the property right.

Inventory Breakdown:

There are two (2) properties priced between $500,000-$600,000; six (6) properties are priced between $600,000-$700,000; nine (9) between $700,000-$800,000; four (4) between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; three (3) are listed for over $2 million; and one (1) is listed for over $3million.

TIME TO BUY OR SELL? CALL US FOR AN EVALUATION

During the period of February 20, 2026 through February 27, 2026, there were reported 2 new listings, 1 closed sale, 5 new pending sales, 0 active with contract, 1 expired listing, 1 cancelled listings, 0 temp off market, 2 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of February 27, 2026. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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