Average mortgage rate at lowest level in 4 months

By M ATT O TT Associated Press

THE AVERAGE long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. A year ago the average rate was 3.55%.

The average long-term rate reached a two-decade high of 7.08% in late October and early November as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and tame inflation.

The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 11 straight months to the lowest level in more than a decade.

The National Association of Realtors said last week that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021. That is the weakest year for home sales since 2014 and the biggest annual decline since 2008, during the housing crisis of the late 2000s.

Though home prices have retreated as demand has declined, they are still more than 10% higher than a year ago. Higher prices and a doubling of mortgage rates have made homebuying much less affordable for many people, but recent rate declines could give some homebuyers new hope.

At its final meeting of 2022, the Federal Reserve raised its rate 0.50 percentage points, its seventh increase last year. That pushed the central bank’s key rate to a range of 4.25% to 4.5%, its highest level in 15 years.

Though inflation at the consumer level has declined for six straight months, Fed officials have signaled that they may raise the central bank’s main borrowing rate another three-quarters of a point in 2023, which would be in a range of 5% to 5.25%.

Rates for 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.

The rate for a 15-year mortgage, popular with those refinancing their homes, also fell this week, to 5.17% from 5.28% last week. It was 2.80% one year ago.

Deeds

Agawam

Scott A. Zielinski and Madison E. Zielinski to Robert A. Beaulieu and Sharon E. Beaulieu, 15 Red Fox Drive, $125,000.

Shirley Weinrich to Sandra Sego, 90 Corey Colonial, Unit 90, $215,000.

Twelve Doors LLC, to First Nationwide Realty LLC, 299 Walnut St., $365,625.

Amherst

Joyce B. Crouch to Andrew H. Crouch and Melinda Ricker, 95 Pulpit Hill Road, $100.

Lynn A. Hatch to Lynn A. Hatch, trustee, and Revocable Indenture of Trust of Lynn A. Hatch, 731 South East St., $100.

Jason J. Weakley and Jane K. Weakley to Andrew Robert Spielvogel and Jessica Lynn Keene, 33 Red Gate Lane, $850,000.

James Scott Leland and Oliver Stevens Leland III, to Catherine A. Olds, 26 Greenleaves Drive, $181,000.

Yiping Shen to Li-Jun Ma, 68 South Mount Holyoke Drive, $100.

Paul A. Ita to Emad Mady and Marwa Ahmed Elleboudy, 535 West St., $408,500.

Helen H. Grabel and Helen A. Grabel to Juliana Hatfield, 626 Station Road, $380,000.

Belchertown

Courageous Lion LLC, to Jennifer Kalmansson, 192 Franklin St., $345,000.

Carol A. Spellman and Melanie E. Spellman to Joan Mikos and Martin J. Mikos Jr., Bardwell Street, $200,000.

John M. Wegiel Jr., to Keith J. Wegiel, 8 Metacomet Circle, $100.

Blandford

Paul C. Brewer, Jeffrey C. Brewer and James G. Brewer to Jeremy Reinford and Kendra Reinford, 184 Otis Stage Road, $400,000.

Brimfield

Christopher Stocks and Karen Stocks to Sandra Riverson, 71 Dunhamtown Palmer Road, $335,000.

Roderick W. Jensen and Alyshia

M. Jensen to Darren A. Wiemer and Penella A. Wiemer, 79 Warren Road, $456,000.

Chesterfield

June Hinton, trustee, George Hinton, trustee, June Hinton Living Trust, Amy L. Roberts and Richard C. Roberts to Julie Ann Roberts, 127 East St., $180,000.

Chicopee

Brady Realty Trust, trustee of, and Denise E. Tabin, trustee, to Justine R. Jaworski, 42 Jacob St., $225,000.

Derwood Lifgren Jr., to Tony Tereso, 67 Mayflower Ave., $213,515.

Gabriel M. Jaworski and Justine R. Jaworski to Emmanuel Quinn and Jezare Zorymar Lopez, 0 Pickering St., $275,000.

Ira Helfand, Deborah Smith and Anne C. Pratt to David Vilkhovoy, trustee, and Charles Realty Trust, trustee of, 3 Charles St., $420,000.

Lisa Cerruti to, Top Notch Transitional Services Provider LLC, 145 Clarendon Ave., $141,000.

Matthew J. Walker and Madison E. Walker to Newton Fred Asaah Achu, 19 Marshall Ave., $280,000.

Maynard D. Forrette and Cynthia A. Forrette to Joanne K. Gilmour, 90 Kelley Road, $170,000.

Nelson E. LeClair and Olga LeClair to Wilber Moreno, 45 New York Ave., $256,500.

Tomroc Holdings LLC, to Jose Cortes and Gladys Jimenez Cortes, 16 Atkins St., $235,000.

East Longmeadow

Andrew A. McGrath and Linda M. McGrath to Carlos U. Bermejo Arcentales and Carlos Urbano Bermejo Arcentales, 78 Cooley Ave., $380,000.

Angelina P. Italiano to Ryan Provencher, 298 Pease Road, $240,000.

Henrod Holding LLC, to Denvor Realty LLC, 79 Maple St., $490,000.

Shaleice Parris and Dustin Parris to Cory Battles and Samantha Battles, 146 Meadowbrook Road, $560,000.

Speros Frangules to Joseph Pantuosco, 200 North Main St., Unit 1202, $100,000.

Easthampton

CPI East Hampton I LLC, SPC Associates LLC, CPI East Hampton II LLC, and CPI East Hampton III LLC, to Weny Pat LLC, 118 Northampton St., $6,000,000.

Daniel J. Noonan and Teresa L. Noonan to Richard K. Brown and Anita L. Loose-Brown, 15 Lyman St., $411,100.

Meghan J. Royal and Frederick D. Royal to 17 Florence Road LLC, 17 Florence Road, $330,000.

Granby

Steven Albert Stimpson, estate, Steven Stimpson, estate, Kate Marie Stimpson, personal representative, and Kate Marie Stimpson to Stanley Hill, 435 East State St., $209,000.

Granville

Byard T. Miller, representative, and Stephen T. Miller, estate, to Elizabeth T. Miller, 267 North Lane, SEE DEEDS, PAGE F8 indicates Registered Mortgage Broker, NYS Banking Dept., (loans arranged through third parties). “Call for Rates” means actual rates were not available at press time. All rates are quoted on a minimum FICO score of 740. Conventional loans are based on loan amounts of $165,000. Jumbo loans are based on loan amounts of $548.250. Points quoted include discount and/or origination. Lock Days: 30-60. Annual percentage rates (APRs) are based on fully indexed rates for adjustable rate mortgages (ARMs). The APR on your specific loan may differ from