The average long-term mortgage rate in the U.S. has slightly decreased, making it easier for home shoppers to borrow.

– Average long-term U.S. mortgage rate fell slightly this week to 6.79% for a 30-year mortgage and 6.11% for a 15-year fixed-rate mortgage
– Freddie Mac chief economist, Sam Khater, stated that rates remain elevated near 7% but have moved slightly lower this week
– Mortgage rates are expected to ease moderately this year, but not before the Federal Reserve begins cutting its benchmark interest rate
– Rise in mortgage rates last month pushed up monthly payments for homebuyers, with the national median payment on home loan applications in February at $2,184
– Mortgage Bankers Association forecasts that rates will gradually ease to around 6% by the end of the year
– U.S. housing market is recovering from a sales slump triggered by high mortgage rates and low inventory, with sales rising in February to the strongest pace in a year
– Despite the increase in sales, the average rate on a 30-year mortgage remains significantly higher than two years ago at 4.67%, discouraging homeowners from selling
– Many prospective homebuyers are waiting for affordability to improve and more listings to hit the market before making a purchase.



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