Long-term mortgage rate reaches lowest level in 6 weeks

By M ATT O TT Associated Press

The Average

long-term U.S. mortgage rate inched down this week to its lowest level in six weeks, just as the spring buying season gets underway.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell for the third straight week, to 6.32%, from 6.42% the previous week.

The average rate a year ago was 4.67%.

The recent decline in mortgage rates is good news for prospective homebuyers, as many 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 bring down stubborn, four-decade high inflation.

Also helping buyers, home prices appear to be leveling off. 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. One thing that hasn’t gotten much better is the supply of homes.

“Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers,” said Sam Khater, Freddie Mac’s chief economist.

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. 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.

Investor 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 fluctuated wildly since the collapse of two mid-size U.S. banks two weeks ago. The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, was 3.57% Thursday, but had been above 4% early in March.

The rate for a 15-year mortgage, popular with those refinancing their homes, fell to 5.56% from 5.68% the previous week. It was 3.83% one year ago.

Deeds

Agawam

Aaron F. Starke to Tifany M. Inacio, 116 Edward St., $320,000.

Andrea L. Hogan, representative, Scott D. Laverdure, estate, and Thomas Quick to Plata O Plomo Inc, 84 Line St., $162,500.

David C. Fazio to Paul Jarrett and Ann Volkers, 31 Fruwirth Ave., $261,000.

Dominik A. Dasilva and Alicia C. Finch to Craig Sedelow and Heather Sedelow, 85 Broz Terrace, $350,000.

Edward J. Farrell Jr., trustee, and Farrell Revocable Trust, trustee of, to Bradford J. Farrel, 325 Regency Park Drive, $100,000.

Janet F. Maynard to Erika Matos, 633-635 Springfield St., $235,000.

John J. Ferriter, representative, and Helen T. Beane, estate, to Andrii Zhyhaniuk, 71 Norman Terrace, $145,000.

Maa Property LLC, to Bryon D. Turcotte, 31 Alfred Circle, $256,000.

Plata O Plomo Inc., to Chenevert Properties LLC, 34 Mooreland St., $195,000.

Amherst

Karen Loughlin and Kevin R. Loughlin to Mary B. Florey, 25 Greenleaves Drive, $340,000.

Belchertown

Richard C. Royce Jr., and Ann V. Royce to Carol A. Stablein, Carol Stablein, Amy O’Rourke and Amy M. O’Rourke, 161 Federal St., $304,500.

Alan E. Weiss, Eric L. Weiss, Jerome W. Weiss, Alan E. Weiss, trustee, Eric L. Weiss, trustee, and Weiss Family Trust to H. Dennis Ryan III, 111 Daniel Shays Highway, $389,000.

Thomas R. Roberts Jr., and Mary- ann Roberts to Evergreen Design Build Inc., North Liberty Street, $150,000.

Thomas R. Roberts Jr., and Maryann Roberts to Gregory Fedora, North Liberty Street, $70,000.

Brimfield

Joyce E. Stocks to Gavin Racicot, 381 Sturbridge Road, $300,000.

Chester

Penny Fitzgerald to Valerie Fila, 0 Higgins Road, $30,000.

Chesterfield

John K. Childs to Timothy M. Berniche and Matti C. Tacy, 1 Curtis Road, $142,500.

Chicopee

21 Alvord Ave. LLC, to Erick C. Weber and Annamay A. Weber, 21 Alvord Ave., $315,000.

Christine L. Lopes to Emilio P. Gaudette, 151 Trilby Ave., $200,000.

Deborah Jones, representative, and Dean Jones, estate, to Ahmed Aljashaam, 250 School St., $235,000.

Jared Lavallee and Melissa Lavallee to Marek Strojvus and Raquel S. Strojvus, 77 Lapa Farm Road, $340,000.

Kristina M. Vieira to Michael Roy Moore, 4 Mount Vernon Road, $265,000.

Kyle G. Beaudreault to Dawn M. Gibson and Eve Marie Gibson, 108 Oakridge St., $285,000.

Lauren N. Learned to Emily R. Kyser, 115 South St., Unit 14, $123,000.

Ralph A. Pittello, Victoria J. Dube, Patricia J. Bousquet, Josephine A. Turcotte and Susan M. Drewniak to Erik Taylor Jr., and Joan E. Taylor, 9 Randall St., $280,000.

Rehab Home Buyers LLC, to Matthew Ogrodowicz and Jessica Nute, 24 Hartford St., $261,500.

Residential Rental LLC, to Anderson Builders & Son LLC, 175 Beauregard Terrace, $203,000.

Richard L. Sommer to Jose Narvaez, 96 Woodbridge Road, $187,000.

Tymmothy Robert Dore and Matthew Wayne Dore to Lorraine C. Wescott, 139 Applewood Drive, Unit 6100B, $227,000.

Melendez Family Irrevocable Trust, trustee of, and Julie E. Belniak, trustee, to Yashira Rodriguez and Jose Rodriguez, 30 Bardon St., $358,500.

Colrain

Patrick A. Greenburger to Kaitlin T. Scutari, 1 Lyonsville Road, $300,000.

Conway

Stephen P. Baker and Sharon M. Dombeck to Lisa Clark, 287 Williamsburg Road, $462,500.

Scott L. Gagnon and Doris A. Mercure-Gagnon, individually and as personal Representative of the Estate of Treffle A. Mercure Jr., “aka” Treffle A. Mercure, to James Ackerman and Brandene C. Gagnon, 45 Bent Nail Drive, $306,000.

Cummington

Catherine Rude-Sena, personal representative, and Gerald D. Meyers, estate, to Erik O. Cubi and Sinnet Abdoo, 442 West Cummington Road, $380,000. Mountain Stream LLC, to Endurance E. Okoeka, Packard Road, $107,000.

Deerfield

Carole C. Pennock, Edmund R. Pennock and George L. Goodridge III, trustees of the Pennock Realty Trust, to Thomas R. Reidy, trustee of the 25 Old Main Street Nominee Trust, 25 Old Main St., $2,250,000.

SEE DEEDS, PAGE F8

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 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