As the spring homebuying season approaches, buyers are keeping a close eye on mortgage rate trends. Recent developments indicate a shift that could impact their purchasing decisions.
Current U.S. Mortgage Rate Trends
• The average rate on a 30-year mortgage has decreased for five consecutive weeks, reaching its lowest point since December (2024) at 6.85%.
• It can be an advantage for homebuyers during the traditionally busy spring homebuying season.
• Rates on 15-year fixed-rate mortgages have also decreased slightly.
Market Conditions
• Inventory levels have increased.
Economic Influences
• Mortgage rates are affected by factors like the bond market’s response to Federal Reserve policies.
• Recent rate reductions mirror a decrease in the 10-year Treasury yield, influenced by inflation expectations and economic conditions.
Overall, while the recent decrease in mortgage rates offers some hope to buyers, affordability and supply remain key challenges in the housing market.
Source: The San Diego Union-Tribune
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
