A mortgage is a loan secured by real property. The interest rate on a mortgage significantly impacts affordability for homebuyers. Recent trends show a decline in these rates, offering potential relief to buyers. - The average rate for a 30-year fixed mortgage in the U.S. has fallen for seven straight weeks. - The current average rate is approximately 6.63%, marking the biggest weekly drop since mid-September. - The decline in mortgage rates coincides with the start of the spring homebuying season. - Despite the rate decrease, affordability remains a challenge for many prospective homebuyers.