The US housing market could be getting a boost as the average long-term mortgage rate falls for the second consecutive week. Freddie Mac reported that the average rate for the benchmark 30-year mortgage fell from 6.6% to 6.42%, whilst the rate a year ago was 4.42%. Despite recent bank collapses causing jittery market activity, economists remain hopeful that rising housing prices and improved purchase demand could signal the beginning of an economic upturn. Last year marked the worst year for home sales since 2014, with sales falling to the slowest pace in more than a decade, but stabilising prices may continue to improve the outlook.

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