The average long-term U.S. mortgage rate is just above 6%, holding steady as the housing market gears up for the spring homebuying season with the benchmark 30-year fixed rate mortgage rate slipping to 6.09% from 6.11% last week, according to Freddie Mac.

Borrowing costs on 15-year fixed-rate mortgages also edged lower this week, with the average rate falling to 5.44% from 5.5% last week. Mortgage rates are influenced by factors such as the Federal Reserve’s interest rate policy decisions and bond market investors’ expectations for the economy.

The 10-year Treasury yield, which lenders use as a guide to pricing home loans, was at 4.13% at midday Thursday, down from 4.21% a week ago. Mortgage rates have been trending lower for months, driving a pickup in home sales but not enough to lift the market out of a sales rut dating back to 2022.

Sales of previously occupied U.S. homes remained at 30-year lows last year, despite lower mortgage rates failing to revive home sales last month. The slowest annualized sales pace in more than two years was recorded, following the biggest monthly drop in nearly four years.

This week’s drop in mortgage rates comes after the Federal Reserve paused cuts to its main interest rate, which can ultimately affect the yield on 10-year Treasurys that influence mortgage rates. Economists expect mortgage rates to stay stable, with forecasts calling for the average rate on a 30-year mortgage to hover around 6%.

Nearly 79% of homeowners with a mortgage have a rate below 6%, contributing to fewer homes on the market and propping up prices. Realtor.com economist Jiayi Xu believes a larger drop in rates will be needed to attract new buyers and sellers and truly reignite the housing market.

Read more at Yahoo Finance: Average US long-term mortgage rate dips to where it was 3 week ago, just above 6%