In a significant development for prospective homebuyers, average U.S. long-term mortgage rates have dipped below 6% for the first time in more than three years. The current mortgage rate has reached 5.98%, marking the lowest level since September 2022. This decline in rates is hoped to spur refinancing activities and potentially unlock thousands of sidelined buyers eager to enter the housing market. Despite this favorable trend, challenges remain as many homebuyers continue to hesitate due to persistently high prices and limited supply in the market. Experts suggest that this drop in rates could herald new opportunities for buyers as the spring home-buying season approaches.