30-year mortgage rate dips as spring season opens

By M ATT O TT Associated Press

The Average

long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that’s been mostly cold since the Federal Reserve began raising interest rates more than a year ago.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.28% from 6.32% the previous week. The average rate last year at this time was 4.72%.

The average long-term mortgage rate hit 7.08% in the fall — a two-decade high.

The recent decline in mortgage rates is good news for prospective homebuyers, many of whom were pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate nine straight times in a bid to tamp down persistent, four-decade high inflation.

Though supply remains low, home prices appear to be leveling off, another development that could lure buyers back into the market. The national median home price slipped

0.2% from February last year to $363,000, marking the first annual decline in 13 years, according to the National Association of Realtors.

Rising borrowing costs can add hundreds of dollars a month in costs for homebuyers and put the brakes on the housing market. Before surging 14.5% in February, sales of existing homes had fallen for 12 straight months to the slowest pace in more than a dozen years.

In 2022, 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, the National Association of Realtors reported earlier this year.

In their latest quarterly economic projections, Fed policymakers forecast that they expect to raise that key rate just once more — from its new level of about 4.9% to 5.1%, the same peak they had projected in December.

The rate for a 15-year mortgage, popular with those refinancing their homes, rose this week to 5.64% from 5.56% last week. It was 3.91% one year ago.

Agawam

East Coast Contracting LLC, to Samantha Deljanovan, 103 Cooper St., $379,900.

Ginette M. Poirier, Melissa Poirier and Melissa Harpin to Aleksandr Govor, 2-4 Moore St., $415,000.

Jeffrey J. Hichborn and Amanda M. Hichborn to Joseph T. Moccio, 576 Southwick St., $310,000.

Linda M. Hosmer to Richard Silvia and John Dasilva, 147 Corey Colonial, $220,000.

Paul Michael Toulouse, representative, Norman Armand Toulouse, estate, and Norman A. Toulouse, estate, to Wissam Tarek and Karen St. Armand, 14 Leonard St., $350,000.

Plata O Plomo Inc., to Silver Snake Properties LLC, 47-49 Royal St., $203,000.

Steven Joseph Giroux, estate, and Karen Marie Hoar, representative, to Sergey Mayerov, 77 Regency Park Drive, $131,000.

Amherst

Michael A. Rawlins to Joe Allen Otts and Hannah Rose Naughton, 28 Sacco Drive, $530,000. Kathleen G. Cortright, Kathleen G. Cortwright, Kathleen G. Cortright, personal representative, Gloria A. Thornton, estate, Howard E. Thornton III, Todd E. Thornton, Pamala J. Thornton, Pamela J. Thornton, Carson W. Thornton, Robert J. Cortright, Judith Ellen Thornton, Patricia Thornton and Kate Moriarty to Eugene Mattie, 103 Pelham Road, $371,700.

Belchertown

Michael B. MacKay and Samantha K. MacKay to Kayleigh J. Hodgen and Daniel Hodgen, 44 Boardman St., $100.

Liguang Huang to Matthew Pope,

340 Cold Spring Road, $445,000.

Michael B. MacKay and Samantha

K. MacKay to Kaleigh J. Hodgen and Daniel Hodgen, 44 Boardman St., $100.

Karl B. Miller and Pamela J. Miller to James R. Charbonnet and Stephanie D. S. Charbonnet, 18 Doe Hollow Road, $505,000.

Bernardston

Nancy H. Ames to Madison Kate Bacon and Sean Michael Bacon, 53 Burrows Turnpike, $370,000.

Brimfield

Christopher Cox and Julia Cox to Peter D. Puzio, 5 Sutcliffe Road, $186,000.

Elaine F. Green to John Banfield, 104 Wales Road, $57,500.

Chester

Joseph E. Calise to Gregg A. Herman, 627 Skyline Trail, $155,000.

Chicopee

Alden Credit Union to AAK LI LLC, 749 James St., $325,000.

Anna E. Johnston and Jeffrey L. Johnston to Adrianne M. Adams and Timothy B. Adams, 210 Johnson Road, Unit 16, $305,000.

Girard Investments I LLC, to Generational Wealth LLC, 155 East St., $320,000.

Grzegorz Pierzchalski, executor, and Adam Pierzchalski, estate, to Yole Anna Hines, 52 Pinecrest Drive, Unit 52, $260,000.

Laurie Dearing, Laurie Labonte and John Dearing to Dawna Lorraine Wood and Nicholas A. Watras, 57 Bostwick Lane, $350,000.

Lisa Ann Palmer, representative, and Judith E. White, estate, to Michael White and Mark C. White, 67 Champagne Ave., $150,000.

PJC Realty MA Inc., to Walgreen Eastern Co. Inc., 577 Meadow St.,

$3,210,000.

Key Atlantic Financial Advisors LLC, to Girard Investments I LLC, 155 East St, $190,500.

Shawn E. Riley to Drew Nalewanski and Elizabeth Martins, 5 Campbell Place, $315,000.

Deerfield

Mark G. Davis, personal representative of the Estate of John Edward Davis, “aka” John E. Davis, to Robyn E. Dudley and Jeffrey J. Soley, 555 River Road, $325,000.

East Longmeadow

Mark A. Maruca to Giuliano Basile and Daria V. Basile, 139 Glynn Farms Drive, $700,000.

Easthampton

Gail R. Modugno and Steven C. Modugno to Elizabeth Tiffany, 129 Loudville Road, $122,150.

Goshen

Dennis F. Renkowicz to Dennis F. Renkowicz, trustee, Karen M. Renkowicz, trustee, and Dennis F. Renkowicz Revocable Trust, 112 Aberdeen Road, $100.

Granby

Elisabeth M. Weissbach to Seunghee Cha, 5 Bittersweet Lane, $100. Seunghee Cha to Kurt A. Weissbach and Elisabeth M. Weissbach, 5 Bittersweet Lane, $100. Brendan G. McQuillen to Stephanie Ehiwele, 60 Granby Heights, $202,400.

Greenfield

Joshua Cocce to Branden Stack and Jodi Stack, Green River Road, $100,000.

John M. Dillon to Leon L. Sirum & Co., Inc. 309-311 Deerfield St., 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