The average 30-year US mortgage rate has reached a six-week low, offering hope to prospective homebuyers as the spring buying season begins. According to Freddie Mac, the benchmark rate fell for a third consecutive week from 6.42% to 6.32%. This is good news for homebuyers who have been discouraged by the high interest rates resulting from the US Federal Reserve’s decision to raise its borrowing rate nine times to combat inflation. The lower mortgage rate could also boost the housing market by countering the slowdown caused by rising rates. However, low inventory remains a significant obstacle.

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