The 30-year mortgage rate in the United States has dropped below 6% for the first time since 2022, which is expected to boost the spring housing market.

The average interest rate for 30-year mortgages in the United States has fallen below 6% for the first time since 2022, a milestone that is expected to inject energy into the upcoming spring home sales season. Data released by Freddie Mac on Thursday shows that the average interest rate for 30-year fixed-rate mortgages is 5.98%, down from 6.01% last week and 6.76% a year ago. The last time this rate was below 6% was in September 2022. With rates dropping to the "5" range, it will slightly ease the burden of buying a home and may encourage some hesitant buyers to enter the market. Since interest rates began to rise significantly in 2022, the real estate market has been in a wait-and-see mode. High rates have discouraged many potential buyers and made most homeowners who locked in lower rates reluctant to sell. The issue facing buyers on the sidelines now is whether this rate level is low enough. Mike Simonsen, chief economist at real estate brokerage Compass Inc., said that the slow improvement in affordability could make this spring peak season the best-performing in years.