A drop in US mortgage rates is providing early encouragement to potential homebuyers forward of the essential spring homebuying season, even as borrowing prices proceed to hover close to the 6% mark.The common price on a 30-yr mounted mortgage declined to 6.01% this week from 6.09% per week earlier, mortgage purchaser Freddie Mac stated Thursday, AP reported. The price stood at 6.85% throughout the identical interval final yr.The newest studying marks the lowest level for the benchmark mortgage price in greater than three years, since September 8, 2022, when it averaged 5.89%. That was additionally the final time borrowing prices dipped under the 6% threshold.“The latest decline in rates is a positive lead in to the annual spring homebuying season — excellent news for dwelling customers who can afford to purchase at present rates.”Shorter-time period borrowing prices additionally eased. The common price on a 15-yr mounted mortgage, extensively utilized by householders refinancing current loans, fell to 5.35% from 5.44% final week. A yr earlier, the typical stood at 6.04%, in accordance to Freddie Mac.
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