Average long-term US mortgage rates come back down to 6.6%

By M ATT O TT Associated Press

The Average

long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate slid back to 6.60% from 6.73% last week. The average rate a year ago was 4.16%.

The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.

At its first meeting of 2023 in February, the Fed raised its benchmark lending rate by another 25 basis 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. Many economists expect at least three more increases before the end of the year, though some have dialed those expectations back due to the recently developing banking crisis.

While the Fed’s 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.

Treasury yields have tumbled since the collapse of two mid-size U.S. banks, with the 10-year faling to 3.44% Thursday. The 10year yield reached 5.07% last week, its highest level since 2007.

The big rise in mortgage rates during the past year has roughed up the housing market, with sales of existing homes falling for 12 straight months to the slowest pace in more than a dozen years. January’s sales cratered by nearly 37% from a year earlier, the National Association of Realtors reported last month.

For all of 2022, NAR reported last month that existing U.S. home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008.

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

The rate for a 15-year mortgage, popular with those refinancing their homes, also edged back down this week to 5.9% from 5.95% last week. It was 3.39% one year ago.

Deeds

Agawam

Barbara J. Souliere to Andrew J. Racette, 30 Alhambra Circle N, $278,000.

Bethany A. Tangredi to Amanda Joy Robare, 268 South Westfield St., $340,000.

Bryan Burlingham to Yelisei Murauski, 23 Moore St., $112,000.

Gail M. Almquist, Janet Parker and Joyce Forgues to Jeremy Mutti and Aimee Mutti, 2 Belmont Ave., $120,000.

Joseph Cardaropoli, trustee, and Cardaropoli Realty Trust, trustee of, to Estate Whiz LLC, 52 Regency Park Drive, $80,000.

Leo F. Carey III, representative, and Helen J. Carey, estate, to Thomas E. Gilroy, 60 Maynard St., $250,000.

Michael Kaelin to Amanda Morin, 54 Regency Park Drive, Unit 54, $117,000.

Ronald Joseph Sipitkowski, representative, and Thomas Sipitkowski, estate, to Manchester Enterprises LLC, 14 Dover St., $110,000.

Westerly Trust, trustee of, and Diane E. Trimboli, trustee, to Plata O Plomo Inc., 47-49 Royal St., $120,000.

Amherst

A. Nelson LLC, to Service Net Inc., 20 Belchertown Road, $912,000.

Thomas G. Guiel and Shirley A. Guiel to Ena C. Vulor, 23 Greenleaves Drive, $235,000.

Christina Weston-Smith and Gregory D. Smith to Caitlin Eva Kindervatter-Clark and Joseph Sills, 179 Wildflower Drive, $810,500. Magdalena Olive and Magdalena Mazer to Danielle Orchard and Charles Sloan, 100 Larkspur Drive, $650,000.

Marc L. Terry, personal representative, Robin Terry Brown, personal representative, and Linda L. Terry, estate, to John McColpin, trustee,

Cynthia Archer, trustee, and McColpin & Archer Family Trust, 32 Aubinwood Road, $668,000.

William M. Stein to William M. Stein, trustee, and William Stein Revocable Trust, 274 Sunderland Road, $100.

David R. Buchanan, trustee, David R. Buchanan Revocable Trust, Laura N. Price, and David R. Buchanan to Deborah W. May, trustee, John May, trustee, and John & Deborah May Family Trust, 1611 South East St., $960,000.

Victoria Risk to Scott Christopher Fleener and Em Harriett, 429 Henry St., $735,000.

Belchertown

Andrey Korchevskiy to George Harp and Erica Harp, 5 Woodland Lane, $500,000.

Gary Stones Remodeling to Benjamin Levi Rachlin Wilder and Alyssa Frances Roulston Wilder, 170 Metacomet St., $355,000.

Meredith R. Cox and Meredith Haas Cox to Meredith Haas Cox, trustee, and Meredith Haas Cox 2023 Revocable Trust, 4 Lawrence Road, $100.

Edward Louis Nadle Jr., to Dakota

M. Nadle and Megan Chartier, 724 Franklin St., $87,500.

Dolores Choquette to George H. Banas and Elizabeth A. Banas, 85 N. Main St., and 85 North Main St., $322,500.

Thomas W. McRae to Kristopher J. Ventura and Kathylynn Ventura, 13 Sargent St., $335,000.

Bernardston

Brian M. Siano and Jane B. Siano to James Fitzgerald and Beth A. Stinchfield, Martindale Road, $56,925.

Blandford

Mountain Stream LLC, to Lauren M. Begin, Otis-Tolland Road, $84,900.

Buckland

Jill E. Selleck and Victoria G. R. Sellerck, “aka” Victoria G. R. Selleck, to Rachel Gunther and Ethan Seidman, Avery Road, $102,000.

Chester

Donald F. Voudren Jr., and Michelle Hebert-Voudren to Heidi Grinsell Couture and Joseph A. Couture, Crane Road, $66,000.

Chicopee

Anglejoy Co. LLC, to Blackrock BNG Group LLC, 43-45 West St., $215,000.

Center Group LLC, trustee, and 35 Center Street Realty Trust, trustee of, to 35 Center Street Chicopee LLC, 35 Center St., $1,250,000. Daniel D. Maciolek to Daniel T. Maciolek, Sherri M. Maciolek and Elizabeth Maciolek, 15 Nora St., $223,000.

Franky Soto and Maria I. Mendez to Maria I. Mendez, 584 Sheridan St., $100.

Glenn A. Tunis and Judith C. Tunis to Milton J. Theriault Sr., 94 Nineth Ave., $154,000.

Luciano Santos and Edilena Florentino to Juan C. Cornejo, 954 Chicopee St., $240,000.

Marilyn Edith Mars and Marilyn Cinq-Mars to Revampit LLC, 55 McCarthy Ave., $130,000.

PHH Mortgage Corp., to Marek Dazblaz and Victoria A. Dazblaz, 27 Hearthstone Terrace, $176,000.

Richard A. Funk and Shellie J. Funk to Kevin C. Dimitropolis and Melody D. Dimitropolis, 250 Britton St., $255,000.

Round Two LLC, to BD Geffin LLC, 59 Artisan St., $240,000.

Sergeo V. Arbuzov and Olga Arbuzov to Serdar Turkmen, 36 Fuller St., $385,000.

Susan Smith and Susan A. Rivera to Pah Properties LLC, 36 Montvue St., $166,500.

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 the sample used. Fees reflect charges relative to the APR. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance, or PMI. FHA mortgages include both UFMIP and MIP fees based on loan amount of $165,000 with 5% down payment. VA mortgages include funding fees based on loan amount of $165,000 with 5% down payment. The Republican does not guarantee the accuracy of the information appearing above or the availability of rates and fees in this table. All rates, fees and other information are subject to change without notice. The Republican does not own any financial institutions. Some or all of the companies appearing in this table pay a fee to appear in this table. If you are seeking a mortgage in excess of $548.250, recent legislation may enable lenders in certain locations to provide rates that are different from those shown in the table above. Sample Repayment Terms-ex. 360 monthly payments of $5.37 per $1,000 borrowed ex. 180 monthly payments of $7.65per $1,000 borrowed. We recommend that you contact your lender directly to determine what rates may be available to you. To access the NMLS Consumer Access website, please visit www.nmlsconsumeraccess.org. To appear in this table, or report any inaccuracies call 413-788-1165