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Average Long-Term U.S. Mortgage Rate Hits Six-Week Low
The spring buying season is now in full swing, and for those in the market for a new home, there’s good news. The average long-term U.S. mortgage rate has dropped to its lowest level in six weeks.
Freddie Mac Reports Third Straight Week of Decline
According to mortgage buyer Freddie Mac, the average on the benchmark 30-year rate fell for the third straight week. Last week, the rate was at 6.42%, but it has now inched down to 6.32%. This is a significant drop that could potentially save homebuyers thousands of dollars over the life of their mortgage.
Spring Buying Season Benefits
The timing of this rate drop is ideal for those looking to buy a home during the spring buying season. With the weather warming up and more homes coming on the market, it’s a popular time for buyers to start their search. The lower mortgage rates could make a significant difference in the affordability of homes for many buyers.
Consider Refinancing
For those who already own a home, now may be a good time to consider refinancing. With rates at a six-week low, homeowners could potentially lower their monthly mortgage payments and save money over the life of their loan.
Overall News Summary
The drop in the average long-term U.S. mortgage rate is welcome news for homebuyers and homeowners alike. With the spring buying season in full swing, this rate drop could make a significant difference in the affordability of homes for many buyers. Homeowners may also want to consider refinancing to take advantage of these lower rates.
