"The benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.76%. The average rate has been hovering close to 6% this year. This latest dip, its third decline in a row, brings it to its lowest level since Sept. 8, 2022, when it was 5.89%."
"Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans."
"Assuming rates stay below 6%, buyers and sellers are going to start getting back into the market. March is when the spring home-buying season typically begins to ramp up and with rates at a three-and-a-half year low, it could be a ba"
The 30-year fixed mortgage rate declined to 5.98%, marking its third consecutive weekly drop and lowest level since September 2022. Mortgage rates follow the 10-year Treasury yield, which stood at 4.02%. While rates have trended lower for months, the housing market remains depressed with home sales at 30-year lows and last month showing the biggest monthly sales drop in nearly four years. However, rates below 6% entering the spring buying season could encourage qualified buyers to purchase. Economists suggest that if rates remain below 6%, both buyers and sellers may re-enter the market as March typically marks the beginning of peak home-buying season.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]