U.S. mortgage rates have finally fallen below 6%.
The average 30-year, fixed-rate mortgage is at 5.98% this week, according to a new report from the Federal Home Loan Mortgage Corp., commonly known as Freddie Mac.
The last time mortgage rates were this low, it was September 2022.
Real estate experts say it's a psychologically important milestone for homeowners who've clung onto their older, cheaper rates and would-be buyers scared off by high interest payments, creating an uncomfortably tight housing market.
After the lows of the pandemic years, when the average mortgage was closer to 2.5%, the Federal Reserve began raising interest rates, and mortgage rates surged along with them.
