The average long-term U.S. mortgage rate slipped this week to its lowest level in more than three years, but remains around 6% in the same narrow range it has been in this year.
The benchmark 30-year fixed rate mortgage rate fell to 6.01% from 6.09% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.85%.
The modest pullback brings the average rate to its lowest level since Sept. 8, 2022, when it was 5.89%. That was the last time the average rate was below 6%.
The recent decline in rates is a favorable lead in to the annual spring homebuying season — good news for home shoppers who can afford to buy at current rates.
Meanwhile, borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also edged lower this week. That average rate fell to 5.35% from 5.44% last week. A year ago, it was at 6.04%, Freddie Mac said.
