The average rate for a 30-year mortgage in the U.S. dropped slightly to 6.95 percent, yet it still poses challenges for prospective buyers as they gear up for the spring buying season. A year ago, this rate was at 6.63 percent, and it was much lower five years ago at 3.51 percent. Similarly, the rate for 15-year fixed mortgages fell to 6.12 percent from 6.16 percent, but remains higher than last year's 5.94 percent. Economic factors, including bond market reactions to the Federal Reserve's policies, influence these rates, which reflect broader inflation concerns.
The average rate on a 30-year mortgage eased to 6.95 percent, providing minimal relief for potential homebuyers as they approach the spring season.
While mortgage rates saw a slight decrease, they remain substantially higher than a year ago, impacting purchasing power for prospective homebuyers.
Collection
[
|
...
]