Mortgage rates dip for first time in weeks while consumer confidence wavers

Mortgage rates in the U.S. fell for the first time in three weeks.

The average for 30-year loans was 6.65%, down from 6.67% last week, Freddie Mac said in a statement Thursday. The 15-year rate, popular with refinancers, ticked up 6 basis points to 5.89%.

House hunters are finding more choices on the market in time for the country’s key spring selling season. The added listings are helping to ease price pressures in some areas, but many buyers have to stretch to afford a purchase. High mortgage rates are still a sticking point for a large number of would-be borrowers.

A measure of contracts to buy previously owned homes rose modestly in February from the month before, but remained “well below normal historical levels,” the National Association of Realtors reported Thursday.

Worries about the economy have contributed to a decline in consumer confidence, hinting at the possibility of a sluggish spring for home sales.

President Donald Trump’s tariff wars continue to “stoke fears about inflation and a potential economic downturn,” said Joel Berner, senior economist at Realtor.com. “Recent mortgage rates in the high-6% and low-7% range have proven to slow home sales relative to last year, so seeing them remain in this range this week will spell more bad news in the housing market.”

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