Mortgage Rates Drop to 8-Week Low, Stabilizing Below 7%

The average 30-year fixed mortgage rate has fallen for the fifth consecutive week, offering slight relief to buyers in a challenging housing market.

The average 30-year fixed mortgage rate fell to 6.85%, its lowest level since late December, according to Freddie Mac data.
This marks the fifth straight weekly decline, though rates remain near 25-year highs, continuing to strain affordability for many buyers.
The 15-year fixed mortgage rate also dipped to 6.04%, while refinancing rates showed mixed changes depending on loan type.
Home sales remain sluggish, with buyers hesitant due to high borrowing costs, economic uncertainty, and limited housing inventory.
Experts suggest the current rate stability could provide some confidence heading into the traditionally busy spring homebuying season.