Average mortgage rate falls for 4th straight week

By M att O tt Associated Press

The Average

long-term U.S. mortgage rate declined for the fourth week in a row, a sign of relative stability that could potentially open the door for some prospective homebuyers to get back in the market.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.09% from 6.13% last week.

That’s the lowest level since September. The average rate a year ago was 3.55%.

The average long-term rate reached a twodecade 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.

At its first meeting of 2023 Wednesday, the Federal Reserve raised its benchmark lending rate 0.25 percentage points, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5% to 4.75%, its highest level in 15 years.

While acknowledging that some measures of inflation have eased, Fed Chair Jerome Powell appeared to suggest Wednesday that he foresees two additional quarter-point rate hikes this year.

Though those rate hikes do impact borrowing rates across the board for businesses and families, rates on 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 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.

Higher rates can add hundreds of a dollars a month in costs for homebuyers, on top of already high home prices.

The National Association of Realtors reported earlier this month 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.

The rate for a 15-year mortgage, popular with those refinancing their homes, fell this week to 5.14% from 5.17% last week. It was 2.77% one year ago.

Deeds

Agawam

Albert F Peckman Jr., to Maria Pignatare and Dale Melanson, 30 Randall St., $50,000.

Belisa A. Chevalier to Mark Chevalier, 14 Oak Lane, $200,000.

Carl Nunziato and Joan A. Nunziato to Guy C. Qvistgaard and Carolyn M. Qvistgaard, 123 Line St., $539,000.

Charlene A. Harnish to Mauricio Garcia Garzon, 523 Franklin St. Extn, $268,000.

Judith B. Losito and Donna Dubuc to Pavel Kovalenko and Olga Kovalenko, 105 Northwood St., $330,000.

Kyle P. Sullivan to Christine Ann Vigliano, 156 Corey Colonial, $225,000.

Linda A. Marzano, trustee, and Marzano Revocable Living Trust, trustee of, to Alfred Fenney Jr., 96 Regency Park Drive, $105,000.

Nicole L. Duffus, Michael S. Duffus and Nicole L. Parmentier to Patrick A. Ganieany, 241 Regency Park Drive, $120,000.

Amherst

James J. DiGiorno to Judith Hughes and Robert Hughes Jr., 19 Baldwin Lane, $415,000.

Leona M. Orwat to Daniel J. Orwat and Jilliane R. Orwat, 1793 South East St., $100.

Timothy W. Aldrich and Kim L. Aldrich to Thomas C. Perron and Nicholas Edward Perron, 58 South Whitney St., $200,000.

Jeffrey H. Simpson, personal representative, and Judy Lewis Simpson, estate, to Historic Renovations & Rental Properties LTD, 30 McClellan St., $370,000.

KGT Associates LLC, to Gaibrial P. Duffy and Christopher M. Duffy, 19 Thayer St., $423,000.

Jeffrey S. Waldron to Timothy P. Waldron, Karen E. Waldron, Jona- than W. Waldron and Rosalind R. Waldron, 271 Northampton Road, $50,000.

ASHFIELD

Suzanne E. Connell and Wilfred Connell to Laura George and Jonathan F. George Sr., 171 Barnes Road, $179,000.

Belchertown

Lihui Tan to Brian Huyler, 28 Alden Ave., $415,000.

Roger N. Allen Jr., Roger N. Allen Jr., attorney-in-fact, and Lori A. Allen to Roger N. Allen Jr., 55 N. Main St., and 55 North Main St., $100.

M & G Land Development LLC, to Allan P. Cote, 79 Bardwell St., $425,000.

Brianna Marie Lacki and Sean Lacki to Kyle D. Ingram and Brianna L. Kilborn, 120 Kennedy Road, $350,000.

Bernardston

Penny J. Gildea to Cynthia L. Woodard and Michael L. Woodard Jr., 108 Couch Brook Road, $35,000.

Brimfield

Anthony Belcher, Jennifer Orloff, representative, trustee, Steven Orloff, estate, and Steven Orloff Family Trust, trustee of, to Ricky James Ricci Jr., and Jennifer A. Ricci, 14 Marsh Hill Road, $35,111.

Chester

Chester Hill Farm LLC, to Christopher Pereira, 0 Lynes Road, $22,000.

Chesterfield

Richard Stewart and Cheryl A. Stewart to William Bitzer and Judith Bitzer, East Street, $115,000.

Chicopee

Barbara Bower, trustee, and Andrew J. Bower 2016 Revocable Trust, trustee of, to Cory L. Phillips, 34 Casino Ave., $389,000.

Claire M. Lacroix, Kenneth W. Lacroix, Richard J. Lacroix and Marie E. Labonte to Noah Phillip Salmon, 229 McCarthy Ave., $285,000.

Deborah A. Boulanger to Shatequa Watkins, 94 Chicopee St., $276,000.

Joseph G. Kane, Ryan J. Kane, Caitlin Kane and Stephanie R. Kane to Greyshmarie Gonzalez, 44-46 Northwood St., $295,000.

Joseph L. Plamondon to Tiffany Lariviere and Dawn Bourbeau, 61 Fuller St., $98,200.

Robert Bergmann and Robert E. Bergmann to Prossy Drinkwine, 627 Chicopee St., $220,000.

Shirley A. Leca, representative, and Allen G. Leca, estate, to Shirley A. Leca, 15 Savory Drive, $300,000.

Colrain

Keith Schaffer, personal representative of the Estate of Blue Sky, “fka” Gary P. Holden, to Rhonda Wainshilbaum, Lewis Becker, Joseph Becker and Miranda Neizer-Brown, 326 West Leyden Road, $250,000.

Deerfield

Monique R. Gagnon to Paul Alfred Windt and Wendla Dorothy Windt, 33 Elm Circle, $400,000.

Alexis Rodriguez to John J. Cunningham and Helene Cunningham, Gromacki Avenue, $100,000.

East Longmeadow

Jeffrey J. Campbell and Laurie A. Campbell to Bedrock Financial LLC, trustee, and Sugar Magnolia Realty Trust, trustee of, Sturbridge Lane, Lot 7, $100,000.

Juan M. Garcia-Ramos and Karen