For the first time since 2022, average US long-term mortgage rate dips below 6%

Core Insights - The average long-term U.S. mortgage rate has dropped below 6% for the first time since late 2022, reaching 5.98% from 6.01% last week, which is positive for homebuyers as the spring homebuying season begins [1][5] - This decline marks the third consecutive decrease and brings the rate closer to its lowest level since September 8, 2022, when it was 5.89% [2] - The 10-year Treasury yield, which influences mortgage rates, decreased to 4.02% from approximately 4.07% a week ago, indicating a trend of lower mortgage rates [3] Market Trends - Despite the recent drop in mortgage rates, home sales remain at 30-year lows, with the previous month experiencing the largest monthly decline in nearly four years and the slowest annualized sales pace in over two years [4] - The current mortgage rates, now below 6%, may encourage potential homebuyers to enter the market this spring, especially if they can afford the current rates [5] - Experts suggest that if rates remain below 6%, both buyers and sellers are likely to re-engage in the market, with March typically marking the ramp-up of the spring homebuying season [6]