Mortgage rates slip

Plus: Federal Judge clears way for hundreds to join wage suit against E Mortgage Capital

February 13, 2026

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Disclaimer: Average mortgage rates as of February 12, 2026. © MND Daily Rate Index.

1. Mortgage rates slip

Mortgage rates dropped for the first time in three weeks but have remained in the same range for the past month.

The 30-year fixed-rate mortgage averaged 6.09% Thursday, down two basis points from 6.11% last week, according to the Freddie Mac Primary Mortgage Market Survey. The 30-year rate was 6.87% at this time a year ago, the start of its descent from 7% to nearly 6%.

Meanwhile, the 15-year fixed-rate mortgage averaged 5.44%, a drop of six basis points from 5.5% last week. It also fell 65 basis points from the same week last year.

"Bolstered by strong economic growth, a solid labor market and mortgage rates at three-year lows, housing affordability continues to measurably improve," said Sam Khater, Freddie Mac's chief economist, in a press release Thursday. "These factors have caught the attention of many prospective homebuyers, driving purchase application activity higher than a year ago.”

2. Federal Judge clears way for hundreds to join wage suit against E Mortgage Capital

Hundreds of E Mortgage Capital employees could join a federal wage lawsuit after a judge granted conditional class certification to workers claiming the brokerage failed to pay overtime.

U.S. District Judge Dominic Lanza ordered the Santa Ana, California-based company to compile a list of all employees by Feb. 19. Plaintiffs' attorneys estimate the class could include 500 to 1,500 workers who performed unpaid overtime in the past three years. With typical opt-in rates around 20%, hundreds could ultimately sue.

The complaint covers loan officers, processors and managers. EMC has 970 sponsored loan originators and 39 branches nationwide. The company last October agreed to a $669,000 settlement with state regulators over claims it allowed unlicensed loan officers to work on originations.

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3. More Nuggets

📈 Here are the nation’s top reverse mortgage brokers for 2025. (HousingWire)

💰 Tradeweb makes investment in digital mortgage exchange MAXEX. (Tradeweb)

📊 Investor share of single-family home sales edges upward. (NMP)

💸 Buyers must earn $111,000 to afford a typical home. (Redfin)

💖 Best Places for Valentine’s Day (2026). (WalletHub)

4. NEXA and Amerifund CEOs lead group acquisition of FSBO.com

FSBO.com has been acquired by a group led by Mike Kortas, founder and CEO of NEXA Lending, and Brad Rice, CEO of real estate marketplace Homepie and Amerifund Home Loans.

The new entity, FSBO Holdings LLC, will modernize the 20-year-old platform with AI integration and simplified contracts designed to make agent-free transactions less daunting for consumers.

While NEXA does not own FSBO.com directly, Kortas said the platform will benefit his mortgage company through lead generation and will be integrated into NEXA's AI tools.

5. Federal Judge upholds Washington's race-based homeownership program

A federal judge this week refused to block a special purpose credit program (SPCP) designed to reduce the racial homeownership gap across Washington state, rejecting a constitutional challenge brought by nonprofit Foundation Against Intolerance and Racism (FAIR).

Judge John H. Chun denied FAIR’s request for a preliminary injunction to halt the Covenant Homeownership Program, finding that the group had not shown a likelihood of prevailing in its lawsuit against the Washington State Housing Finance Commission.

“Decades of documented discrimination have created the inequities we see in today’s housing and credit markets,” Lisa Rice, NFHA president and CEO, said in a statement. “Special Purpose Credit Programs are lawful, effective, and essential to ensuring that all people can fairly access safe and affordable credit.”

☀️ You’re all caught up. See you on Wednesday!

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