US Average Long-Term Mortgage Rate Drops to 6.3%
The average long-term U.S. mortgage rate declined for the second consecutive week, easing borrowing costs for prospective homebuyers during the typically busy spring housing season. According to data released by Freddie Mac on Thursday, the benchmark 30-year fixed-rate mortgage dropped to 6.3%, down from 6.37% the previous week. This marks the lowest level since March 19, when the rate stood at 6.22%, and represents a significant decrease from the 6.83% average recorded one year ago. Additionally, borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners seeking to refinance, also eased. The average rate for these shorter-term loans fell to 5.65% from 5.74% last week, compared to 6.03% a year prior. Mortgage rates are influenced by various economic factors, including the Federal Reserve’s interest rate policy decisions and bond market investors’ expectations regarding the economy and inflation. This recent downward trend offers potential relief to buyers and refinancers amidst ongoing economic adjustments.
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US Average Long-Term Mortgage Rate Drops to 6.3%
The average long-term U.S. mortgage rate declined for the second consecutive week, easing borrowing costs for prospective homebuyers during the typically busy spring housing season. According to data released by Freddie Mac on Thursday, the benchmark 30-year fixed-rate mortgage dropped to 6.3%, down from 6.37% the previous week. This marks the lowest level since March 19, when the rate stood at 6.22%, and represents a significant decrease from the 6.83% average recorded one year ago. Additionally, borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners seeking to refinance, also eased. The average rate for these shorter-term loans fell to 5.65% from 5.74% last week, compared to 6.03% a year prior. Mortgage rates are influenced by various economic factors, including the Federal Reserve’s interest rate policy decisions and bond market investors’ expectations regarding the economy and inflation. This recent downward trend offers potential relief to buyers and refinancers amidst ongoing economic adjustments.
AP News