The average rate on a 30-year mortgage in the U.S. eased for the fourth
>week in a row, an encouraging sign for prospective home shoppers as the
>spring homebuying season gets underway.
>
>The average rate fell to 6.87% from 6.89% last week, mortgage buyer
>Freddie Mac said Thursday. A year ago, it averaged 6.77%.
>
>Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners
>seeking to refinance their home loan to a lower rate, rose this week. The
>average rate increased to 6.09% from 6.05% last week. A year ago, it
>averaged 6.12%, Freddie Mac said.
>
>Mortgage rates are influenced by several factors, including how the bond
>market reacts to the Federal Reserves interest rate policy decisions. The
>average rate on a 30-year mortgage briefly fell to a 2-year low last
>September, but has been mostly hovering around 7% this year. Thats more
>than double the 2.65% record low the average rate hit a little over four >years ago.
>
>Rising home prices and elevated mortgage rates, which can add hundreds of
>dollars a month in costs for borrowers, have kept many prospective home
>shoppers on the sidelines, especially first-time buyers who dont have
>equity from an existing home to put toward a new home purchase.
>
>Sales of previously occupied U.S. homes fell last year to their lowest
>level in nearly 30 years, extending a national home sales slump that began
>in 2022 as mortgage rates began to climb from their pandemic-era lows. >
>formatting linkmortgage-eases-687-118789011 For most of my life a 6% mortgage rate was considered low . Normal
was 9 to 11%. Only between 2008 and 2022 did rates consistently drop below 6%. When I bought my ( second and current) house the going rate was 22%. Thankfully I was able to assume the existing 9.5?% mortgage and was able to pay it iff without ever having to re-finance. I think my first house was at about 10.5%.