Summary
The average long-term U.S. mortgage rate has dropped below 6% for the first time since late 2022. The 30-year fixed rate mortgage fell to 5.98%, giving potential homebuyers more favorable loan terms as the spring purchasing season begins.
Key Facts
- The average 30-year mortgage rate is now 5.98%.
- This rate dropped from 6.01% last week.
- One year ago, the same rate was 6.76%.
- The current rate is the lowest since September 8, 2022, when it was 5.89%.
- Mortgage rates are affected by the Federal Reserve's interest rate decisions and other economic factors.
- The 10-year Treasury yield also helps determine mortgage rates.
