Mortgage rates drop to level not seen since 2022

Mortgage rates dropped below 6% for the first time since September 2022.

Freddie Mac’s weekly average was 5.98% for the 30-year fixed-rate mortgage as of Feb. 26.

“This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” said Sam Khater, Freddie’s chief economist, in a news release.

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