Mortgage rates fell for the first time in over a month, bringing some relief for homebuyers as the busy spring season heats up.

The average 30-year fixed-rate mortgage rate was 6.37% through Wednesday, according to Freddie Mac data, down from 6.46% a week earlier.

The drop came largely after the U.S. entered a ceasefire with Iran this week, easing some concerns about how the war would affect oil prices and inflation. The 10-year Treasury yield, which mortgage rates closely track, fell below 4.3% on Wednesday, and stocks rallied.

 

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