The decline in US mortgage rates is providing encouragement to potential home buyers ahead of the crucial spring home buying season, even though borrowing costs remain near the 6% mark.Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year fixed mortgage fell to 6.01% this week from 6.09% a week earlier, the AP reported. This rate was 6.85% in the same period last year.The latest reading marks the lowest level for the benchmark mortgage rate in more than three years since September 8, 2022, when it averaged 5.89%. This was the last time borrowing costs fell below the 6% threshold.“The recent decline in rates is a favorable lead-up to the annual spring home buying season – good news for homebuyers who can afford to purchase at current rates.”The cost of short-term borrowing also reduced. The average rate on a 15-year fixed mortgage, widely used by homeowners refinancing existing loans, fell to 5.35% last week from 5.44%. A year ago, the average was 6.04%, according to Freddie Mac.