Mortgage rates dip below 6% for the first time since 2022

The average 30-year mortgage rate in the US has fallen below 6% for the first time since 2022, reaching 5.98% this week—down from 6.01% last week and 6.76% a year ago. This drop marks an important milestone and is anticipated to stimulate activity in the housing market. The decrease comes as the spring home-buying season begins. The shift below this psychological threshold is expected to boost home sales, potentially thawing a previously frozen market and offering positive news for prospective homebuyers. This data indicates a potential revitalization of the housing sector as more favorable rates become available.