The average rate on a 30-year mortgage in the U.S. eased for the fifth week in a row to its lowest level since late December, a welcome boost for prospective homebuyers in what’s traditionally the busiest time of the year for home sales.

The average rate fell to 6.85% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.9%.

Borrowing costs on 15-year fixed-rate mortgages also eased this week. The average rate fell to 6.04% from 6.09% last week. A year ago, it averaged 6.29%, Freddie Mac said.

Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years, extending a sales slump that began in 2022 as mortgage rates began to climb from their pandemic-era lows. — Associated Press