Rewinding further, the 30-year average notched a high 7.37% last spring, so today's rates are significantly improved vs. 10 months ago. They're also almost 1.2 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.

The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, a smidgen of relief for prospective home shoppers getting into the market before the busy spring homebuying season starts.

Wednesday, pushing the average to a two-week high. Rates moved higher for almost every other loan type as well.

The current average mortgage rate on a 30-year fixed mortgage is 6.9%, compared to 6.83% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.