The average 30-year U.S. mortgage rate decreased for the second consecutive week, according to Freddie Mac. This combined with stabilising home prices could provide respite to house hunters and give the housing market a boost as the spring buying season commences. The average rate stands at 6.42%, but a year ago it was 4.42%. Despite financial markets remaining anxious over recent bank collapses and the Fed raising its benchmark lending rate by 25 basis points on 20 March, some economists retain optimism that the housing market may rebound over coming weeks.

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