Homebuying Affordability Improves As Mortgage Rates Fall to Lowest Level in Over 3 Years

Lower rates haven’t yet brought homebuyers off the sidelines, but hope is in the air as we approach spring. 

The weekly average mortgage rate has dropped to 6.01%, its lowest level since September 2022. That has pushed the median U.S. monthly housing payment down to $2,599, 2.6% lower than a year ago. Wages are nearly 4% higher than they were a year ago, improving affordability…