The average long-term U.S. mortgage rate has eased this week, providing some relief to prospective homebuyers as the spring homebuying season approaches. According to mortgage buyer Freddie Mac, the average rate on a 30-year mortgage decreased to 6.63% from 6.69% last week. While this is positive news for potential homeowners, it is important to note that rates are still higher compared to the previous year's average of 6.09%.
Borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners refinancing their loans, also saw a slight decline. The average rate fell to 5.94% from 5.96% the previous week. However, compared to a year ago, when it averaged 5.14%, rates remain higher.
