Average US long-term mortgage rate hits the lowest point in more than 3 years

Core Insights - The average long-term U.S. mortgage rate has decreased to its lowest level in over three years, now at 6.06%, down from 6.16% last week and significantly lower than the 7.04% average from a year ago [1][2] - The last recorded lower average rate was on September 15, 2022, at 6.02% [1] Mortgage Rate Trends - The benchmark 30-year fixed mortgage rate has shown a decline, which enhances homebuyers' purchasing power amid a sluggish housing market [2] - Borrowing costs for 15-year fixed-rate mortgages have also decreased, falling to 5.38% from 5.46% last week, compared to an average of 6.27% a year ago [2]