The average long-term U.S. mortgage rate remains around 6% as the spring home-buying season approaches. The 30-year fixed rate mortgage is at 6.11%, up from last week’s 6.1% and down from 6.89% a year ago. Borrowing costs for 15-year fixed-rate mortgages also rose slightly, now at 5.5%. Mortgage rates are influenced by various factors, including the Federal Reserve’s interest rate policy decisions and bond market expectations. The 10-year Treasury yield, a guide for lenders, is currently at 4.21%. The U.S. housing market has been in a slump since 2022 due to rising mortgage rates, high home prices, and a shortage of homes. Despite this, a pullback in mortgage rates last summer boosted existing home sales. Homebuyers at current rates are experiencing less competition and more negotiating power, with nearly two-thirds paying below the list price. Economists predict mortgage rates to remain stable around 6% in the near future.

Read more at Yahoo Finance: Average US long-term mortgage rate barely budges, holding near 6%