Mortgage rates improved to an average of 6.28% during the past week. This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

Rates recently hit an average of over 7%, meaning that the past month of declines will save homebuyers with a $300,000 loan approximately $140 per month.

“Though week-to-week rate changes can move up and down, the longer-term prospect on rates is for further improvement, with a clear possibility of going under 6% by year’s end,” the National Association of REALTORS® Chief Economist Lawrence Yun said of the change. “With lower rates, more homebuyers will steadily appear. That is why it is critical to ensure more housing supply to help meet the recovering demand.”

Yun also said that regional bank collapses have forced the Federal Reserve to tighten lending criteria — but not for residential mortgages. Lenders will be most willing to provide loans with government guarantees, such as VA, FHA and other conforming loans.