The average rate on a 30-year mortgage in the U.S. eased for the sixth week in a row, a welcome boost in purchasing power for home shoppers just as the annual spring homebuying season gets going
ByALEX VEIGA AP business writer
February 27, 2025, 12: 05 PM
The average rate on a 30-year mortgage in the U.S. eased for the sixth week in a row, a welcome boost in purchasing power for home shoppers just as the annual spring homebuying season gets going.
The average rate fell 6.76% from 6.85% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.94%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.94% from 6.04% last week. A year ago, it averaged 6.26%, Freddie Mac said.
The steady decline in mortgage rates rates this year hasn’t been enough to change the affordability equation for many prospective home shoppers, especially first-time buyers who don’t have equity from an existing home to put toward a new home purchase.
Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices froze out many would-be homebuyers despite a wid