Will homebuyers and sellers get back into the market with rates below 6%?

The average long-term U.S. mortgage rate slipped this week below 6% for the first time since late 2022, good news for home shoppers as the spring homebuying season gets rolling.

The benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.76%.

Sales of previously occupied U.S. homes remained stuck last year at 30-year lows. And more buyer-friendly mortgage rates this year weren’t enough to lift home sales last month. They posted the biggest monthly drop in nearly four years and the slowest annualized sales pace in more than two years.

However, with the average rate on a 30-year mortgage now below 6% as the annual spring home-buying season begins, it could encourage prospective home shoppers who can afford to buy at current rates to shop for a home this spring.

Read the full story from the Associated Press.