Average mortgage rates in the U.S. exhibit mixed trends as the spring homebuying season starts. The 30-year mortgage rate decreased for the fourth consecutive week to 6.87%, slightly above last year's 6.77%. Conversely, 15-year fixed mortgage rates rose to 6.09%, impacting refinancing options for homeowners. High home prices and elevated rates continue to hinder prospective buyers, particularly first-timers. Last year, U.S. home sales dropped to a 30-year low, influenced largely by the surge in borrowing costs due to the Federal Reserve's policies.
The average rate on a 30-year mortgage in the U.S. eased for the fourth week in a row, encouraging hopeful homebuyers as spring approaches.
Despite slight improvements in 30-year rates, 15-year mortgage rates increased, making refinancing less appealing for many homeowners.
With rising home prices and elevated mortgage rates, many potential buyers remain sidelined, particularly first-time shoppers lacking home equity.
Last year's sales of previously occupied homes hit their lowest level in nearly 30 years, as mortgage rates climbed from pandemic lows.
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