Average long-term US mortgage rate eases to 6.63%, a welcome move for prospective homebuyers
The average long-term U.S. mortgage rate eased this week, welcome news for prospective homebuyers as the spring homebuying season approaches. The average rate on a 30-year mortgage fell to 6.63% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%. The average rate has mostly come down from its most recent peak in late October, but remains sharply higher than just two years ago, when it was 3.55%. Still, the decline in rates helps lower monthly mortgage payments, providing more financial breathing room for homebuyers facing a housing market that remains unaffordable due to rising prices and a shortage of homes for sale.