Mortgage Rates Just Dropped Below 6% – Why Dr. Brian P. Simon Says NOW Is the Perfect Time to Buy in

Published On: February 23, 2026
Category: For Buyers

Mortgage Rates Just Dropped Below 6% – Why Dr. Brian P. Simon Says NOW Is the Perfect Time to Buy in Hampton Roads

Hey Hampton Roads – it’s Dr. Brian P. Simon here from MrNewHomes.com, principal broker at Fit Realty, and co-owner of Custom Homes of Virginia (CHOV).

If you’ve been sitting on the fence waiting for mortgage rates to “come down enough,” today is your green light.

According to a brand-new CNBC article published just hours ago on February 23, 2026, the average 30-year fixed mortgage rate has officially fallen to 5.99% – matching its lowest level since 2022. You can read the full story here: https://www.cnbc.com/2026/02/23/mortgage-rates-below-6percent-lowest-in-4-years.html

That’s down from 6.89% this time last year. Refinance applications are already up 130% year-over-year, and buyers are suddenly discovering they can qualify for loans they couldn’t touch twelve months ago. The National Association of Realtors’ chief economist Lawrence Yun pointed out that roughly 5.5 million additional households can now qualify at today’s rates – and historically about 10% of those newly qualified buyers actually enter the market, which could mean 550,000 new homebuyers nationwide this year.

For the typical $400,000 median home (20% down), your principal-and-interest payment drops from about $2,105 last year to roughly $1,916 today – a $189 monthly savings. That’s real money back in your pocket every single month.

Why Hampton Roads Families Should Act Right Now

Here in Hampton Roads – Suffolk, Chesapeake, Virginia Beach, Norfolk, Portsmouth, Newport News, Hampton, Yorktown, and the surrounding communities – we’ve got something special going on. Our local economy is rock-solid thanks to military bases, shipbuilding, the port, healthcare, and tourism. Unemployment stays low, jobs keep coming, and people want to plant roots here for the schools, beaches, and that unbeatable quality of life.

But here’s the reality: rates at 5.99% are already sparking interest. Purchase applications are only up 8% so far, which means we’re still in the early innings. The spring buying season hasn’t fully kicked off yet. Once word spreads – and it will spread fast – the “wait-and-see” crowd is going to flood the market. Inventory is finally loosening a bit after years of being painfully tight, but it’s still far below historical norms in many neighborhoods. The first buyers who lock in these rates will have their pick of the best homes and the strongest negotiating power.

I’ve been telling my clients for months: acceptance is key. These rates aren’t back to the 3% pandemic lows (and they probably won’t be anytime soon). But they are low enough to make the move you’ve been dreaming about. Whether it’s your first home, a move-up, a downsizing forever home, or an investment property – 5.99% gets the job done. And if rates drop even further later this year or next, you can always refinance. That’s the beauty of locking something in now while the window is open.

Real Numbers for Real Hampton Roads Families

Let’s make this personal. Say you’re looking at a comfortable 3-bedroom new construction home in Suffolk or Chesapeake priced around $425,000. With 5% down (FHA or conventional with PMI) and today’s 5.99% rate, your monthly payment could land in the low $2,800s including taxes and insurance – very doable for many dual-income military or professional households here.

Compare that to waiting for a mythical 5% rate that may or may not arrive. Every month you wait, you’re paying rent or living in a home that doesn’t fit your family anymore. Plus, home prices in Hampton Roads are still appreciating – modestly, but steadily. The longer you wait, the more you pay in higher prices that could easily offset any future rate drop.

I’ve watched families in Greenspring, Holly Point, and Blackwater communities lock in new homes over the last few weeks and literally save tens of thousands of dollars in lifetime interest compared to even six months ago. That’s money for college funds, vacations, or just breathing room in the budget.

Why New Construction Should Be on Your Radar

If the idea of a brand-new home with zero repairs, modern energy-efficient features, and exactly the layout you want sounds appealing – you’re not alone. That’s why Custom Homes of Virginia (CHOV) has been busier than ever.

Head over to chov.com/models right now and browse our stunning single-story and two-story plans. The Kenston model, for example – 2,837 sq ft with an optional third floor – is perfect for growing families or those who want that flexible space for a home office or in-law suite. We build in desirable spots across Hampton Roads: waterfront lots in York County’s Holly Point, country living in Suffolk, Virginia Beach and more.

You can choose one of our beautiful model plans and tweak it, or go full custom on your own lot. Either way, you get:

  • High-quality craftsmanship and finishes
  • Energy Star certification (lower utility bills)
  • Full builder warranties
  • Modern open floor plans designed for today’s lifestyles
  • The ability to pick every detail – cabinets, flooring, lighting, paint colors – yourself

And because we control the construction timeline, you can often close faster than buying an existing home that needs inspections, repairs, and negotiations.

Whether New or Resale – Fit Realty Has You Covered

Not everyone wants new construction, and that’s perfectly fine. Maybe you love the charm of an established neighborhood in Virginia Beach or the convenience of a townhome in Norfolk. My team at Fit Realty ( fitrealty.com ) is ready to help you find the perfect resale home too.

We’ve got agents who live and breathe every corner of Hampton Roads. They know which schools are best for your kids, which communities have the lowest HOA fees, where the hidden gems are, and how to negotiate the best deal in today’s market. Whether this is your very first home purchase or your last (the forever home you’ve earned), we treat every client like family.

At Fit Realty we don’t just sell houses – we help you achieve life goals. We sit down with you, understand your timeline, your budget, your must-haves and nice-to-haves, and we create a customized plan. Some clients want to buy and hold for five years then refinance or sell. Others want to build equity fast and never move again. We help with both.

Don’t Let the Masses Beat You to It

Here’s my strongest advice as someone who’s helped hundreds of families in this market: get your next (or first) home locked in before the masses come running later this year.

We’re already seeing refinance volume explode. Once the spring listings hit and more buyers realize 5.99% is here, competition will heat up quickly. Sellers will regain some leverage. You’ll see more multiple-offer situations again. The buyers who act decisively right now are the ones who will tell stories in 2028 about how they got an amazing deal and a rate they can live with comfortably.

Rates may drift a little lower if inflation continues to cool and the bond market stays friendly – Matthew Graham at Mortgage News Daily noted this dip into the high 5s looks more sustainable than the brief January blip. But they could also bounce back if economic data shifts. Why gamble when you can lock in today’s rate and have the peace of mind of knowing your monthly payment is set?

Ready to Make Your Move?

If you’re even slightly thinking about buying or building in Hampton Roads in 2026, pick up the phone or shoot me a message today. My team at Fit Realty and the builders at Custom Homes of Virginia are standing by.

Whether you want a turn-key resale, a move-in-ready new build, or a full-custom dream home on your lot – we’ve got you covered from contract to keys and beyond.

Don’t wait for “perfect.” Perfect is a myth. Good enough to make your family’s dreams reality is here right now at 5.99%. Let’s make 2026 the year you finally say “we’re home.”

I’m Dr. Brian P. Simon – here to help you reach your goals, one smart real estate decision at a time.

Call or text me today 757-761-6903