30-year US mortgage rate slips to 6.39%

By A LEX VEIGA Associated Press

THE AVERAGE long-term U.S. mortgage rate edged lower this week, a modest boost for homebuyers looking for relief as a stubbornly low inventory of properties for sale fuels bidding wars in many markets.

The average rate on the benchmark 30-year fixedrate home loan fell to 6.39% from 6.43% last week, mortgage buyer Freddie Mac said Thursday.

A year ago, it averaged 5.27%. The average rate fell for five straight weeks before rising the last two weeks of April.

This week’s drop in mortgage rates is welcome news for prospective homebuyers, many of whom have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, fourdecade high inflation.

All told, the Fed has raised its benchmark rate 10 times since March 2022, including an increase this week that pushed it to 5.1%, the highest since 2007, from virtually zero early last year.

Shifts in the Fed’s shortterm lending rate don’t directly affect mortgage rates, but they do influence the yield on 10-year Treasury bonds, which lenders use as a guide to pricing home loans. That’s because higher rates push bonds prices lower, which then causes their yield to go up. Investors’ expectations for future inflation and global demand for U.S. Treasurys also influence

Deeds

Agawam

Bretta Construction LLC, to Mahmood Ahmed, 19 Damato Way, $615,000.

mortgage rates.

The average rate on a 30-year mortgage reached a two-decade high of 7.08% last fall after months of Fed rate hikes and stubbornly high inflation. So far this year, it has averaged around 6.36%.

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

The combination, along with a near-historic low level of homes for sale, has led to a lackluster spring homebuying season.

Sales of previously occupied U.S. homes fell 2.4% from February to March and were down 22% from a year earlier, according to the National Association of Realtors.

“Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability,” said Sam Khater, Freddie Mac’s chief economist.

The average rate on 15year fixed-rate mortgages, popular with those refinancing their homes, rose this week to 5.76% from 5.71% a week earlier.

Daniel F. Melbourne to Muhammad Razzaq and Uzma Razzaq, 109-111 Sheri Lane, $440,000. Mubeen Ishtiaq, Surriya Ishtiaq, Ishtiaq Ahmad and Sahar Bari to Matthew J. Collier, 6D Mansion Woods Drive, $243,000.

Pine Crossing Construction Inc., to Steven Tencati and Lorie Tencati, 61 Villa Drive, Unit 21, $449,900. Timothy W. Reimers, Fern I. Reimers, Paul E. Reimers, Harry J. Reimers and Sandra F. Feld to Diana Horning and Jacob Kopyscinski, 30 Federal St. Extension, $350,000.

Amherst

Huong Chen Chow and Hong Chen Chow to Christopher Kueffner, 130 Leverett Road, $390.000.

Tse-Sheng Elizabeth Chan to TseSheng Elizabeth Chan, trustee, and Tse-Sheng Elizabeth Chang 2023 Trust, 36 Sheerman Lane, $100.

Martha Braun to Margaret Anne Perkins, 27 Greenleaves Drive, $167,000.

Steve A. Ozcelik and Nuray Ozcelik to 80 Acres, 850 Belchertown Road and 142 Harkness Road, $562,000.

Emily Timmons Hamilton and Emily Redman to Sean Douglas Lopez and Trang Huong Nguyen, 40 Berkshire Terrace, $425,000.

Ashfield

Barbara H. Rosenn and Daniel W. Rosenn, trustees of the Briar Hill Road 190 Realty Trust, to Christopher Hart and Jennifer Hart, 190 Briar Hill Road, $825,000.

Nicole Romer to Jon Tristan Romer and Helene M. Uprichard, 1029

Spruce Corner Road, $320,000.

David R. Hansen to David R. Hansen and Jeremy J. Young, 1823 Hawley Road, $100.

Brimfield

Brian G. Thompson and Kathleen C. Thompson to Bruce Walker IV, and Jessica Bucknell, 10 Governor Fairbanks Road, $465,000.

Herbert F. Seymour III, to Nathaniel Oswald and Iona Parks, 99 Brookfield Road, $354,900. MacGillivray Brothers LLC, to CD Mac LLC, Wales Road, $40,000.

Charlemont

Robin Tower and Vaughn Tower to Troy Alan Fortin and Jordyn Leigh Hall, 3 High Street, “fka” 3&11 High St., $280,000.

Chicopee

Alexandre C. Holan to Irene Kepler, 22 Harrington Road, $289,900.

Jeffrey B. Bryan and Cynthia J. Bryan to Chelsea Rosalia Connelly, 50 Fredette St., Unit I 6, $139,900.

John E. Rhodes JR., and John E. Rhodes to Sergey Privedenyuk, Jennings Street, $255,000.

Lawrence P. Rodrigues JR., and Carlene Rodrigues to Govindbhai P. Patel, 14 Royalton St., $180,000.

Lillian M. Mika to Kaycee Pereira, 25 Keddy Boulevard, $205,000.

Susan A. Lazier, Denise M. Pavao and Ronald M. Plante to Natalie Sacdal, 924 McKinstry Ave., $269,900.

Conway

Olivia B. Blumer and William C. Blumer to George W. Siguler, 244 Pine Hill Road, $925,000.

Deerfield

Amy B. Royal to Adam Czachorowski and Katherine Donnelly, 300 Conway Road, $545,000.

Naka J. Ishii to Naka J. Ishii, trustee of the Naka J. Ishii 2023 Trust, 5 River Road, $100.

East Longmeadow

Dallae Kang to Jacob Garcia and Yolanda Garcia, 3 Peachtree Road, $536,500.

Gregory A. Riberdy and Mary Beth Riberdy to Robert J. Racicot, 73 Redin Drive, $340,000.

Custom Homes Development Group LLC, to Johnna S. Healey and Rebecca E. Healey, 180 Westwood Ave., $505,000.

Susan L. Rademacher, trustee, and 461 Prospect Street Realty Trust, trustee of, to Nancy Weithofer, 461 Prospect St., $372,000.

Easthampton

Christopher E. Gobillot and Cindy L. Gobillot to Trouble Factory LLC, 8 Summer St., $275,000.

Katherine E. Buckley to James Cherewatti, 346 East St., $380,000.

Erving

Brittany J. Earl and Jacob Michael Earl to Kaitlyn Barnes, Diane Steingart and Mark Woodbridge, 16 Flagg Hill Road, $338,250.

Arthur D. Johnson and Maureen L. Johnson to Jose Solano Carmona and Andres A. Ortega, 93 Mountain Road, $370,000.

Gill

Jean Donovan, “aka” Jean G. Donovan, individually and as trustee of the Alyce, “aka” Alice, A. Sokolosky Irrevocable Real Estate Trust, and Ann M. Daly to Daniel Croteau and Catherine Woolner, Mountain Road, $153,000.

Goshen

Lauren Lee Eldred to Lauren Lee Eldred and Daniel Henry Kebba, SEE DEEDS, PAGE F8