Long-term mortgage rates hit 6-week low, benefiting homebuyers.

The average long-term US mortgage rate fell for the third straight week to 6.32%, the lowest level in six weeks, just as the spring buying season gets underway. 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. However, low inventory remains a key challenge for prospective buyers.