US Long-Term Mortgage Rate Dips Below 6% for First Time Since 2022

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The average long-term U.S. mortgage rate has slipped below 6% for the first time since late 2022, providing a boost for home shoppers as the spring homebuying season gets underway. The benchmark 30-year fixed mortgage rate fell to 5.98% this week, down from 6.01% the previous week and 6.76% a year ago.

Why it matters

Falling mortgage rates could help revive the housing market, which has seen a slowdown in recent years due to high borrowing costs. Lower rates make homes more affordable for prospective buyers, potentially driving increased demand and activity during the crucial spring buying season.

The details

Mortgage buyer Freddie Mac reported that the average rate for a 30-year fixed-rate mortgage fell to 5.98% this week, down from 6.01% the previous week. This marks the first time the rate has dipped below 6% since late 2022.

• The average long-term U.S. mortgage rate fell below 6% this week.

What’s next

The lower mortgage rates could help boost home sales during the spring homebuying season, which is typically the busiest time of year for the housing market.