US EditionMortgage rates fall below 6% for the first time in more than 3 years
The average 30-year fixed mortgage rate dropped to 5.98%, marking the first sub-6% rate since 2022 and potentially boosting spring homebuying activity, Freddie Mac said.
- On Thursday, Freddie Mac reported the 30-year fixed mortgage average fell to 5.98%, dipping below 6% for the first time since 2022.
- The 10-year Treasury yield fell to 4.02% on Thursday from about 4.07% a week earlier, while Federal Reserve cuts last year helped push mortgage rates lower.
- Analysis shows a 0.25% change in mortgage rate can enable a median-income U.S. household to afford a $331,483 home, increasing purchasing power since last year.
- Nationwide inventory is starting to stabilize and rise modestly, which could signal homeowners locked into pandemic-era low rates may become more comfortable selling.
- Home prices since 2020 have risen roughly 50% and supply shortage with weak new construction may erase gains from cheaper mortgages as March and the spring homebuying season approach.
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67 Articles
Mortgage Rates' Fall May Trigger 'Barn Burner' Spring
The average long-term US mortgage rate slipped this week below 6% for the first time since late 2022, good news for home shoppers as the spring homebuying season gets rolling. The benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac...
Mortgage rates fall below 6 percent for first time in more than 3 years
Mortgage rates fell below 6 percent on Thursday for the first time in more than three years, marking an opening for homebuyers as inflation cools. Currently, the 30-year fixed-rate mortgage is averaging 5.98 percent, down .03 points from last week, according to Freddie Mac. Last year, the rate averaged 6.76 percent. “This lower rate environment…
Mortgage rates fall below 6% for first time in over 3 years, giving relief to home buyers
Mortgage rates have dropped below 6%, giving home buyers some relief after years of high costs. Lower rates mean smaller monthly payments and may bring more people back into the housing market. However, rates can change quickly, so buyers should focus on their budget, credit score, and long-term plans before deciding when to lock a mortgage rate.
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