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Story summary
- The average long-term U.S. mortgage rate fell to 6.01%, the lowest in over three years, according to Freddie Mac.
- The decline has not significantly boosted home sales, with January pending home sales down 0.8%.
- Economists say lower rates, influenced by Federal Reserve policy, could improve affordability, though many buyers remain priced out due to high prices and inventory shortages.
- The spring season may gain activity if rates stabilize or fall.
