For the first time since 2022, average US long-term mortgage rate dips below 6%

The average long-term U.S. mortgage rate slipped this week below 6% for the first time since late 2022, good news for home shoppers as the spring homebuying season gets rolling.

The benchmark 30-year fixed rate mortgage rate fell to 5.98% from 6.01% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.76%.

The average rate has been hovering close to 6% this year. This latest dip, its third decline in a row, brings it closer to its lowest level since Sept.