The average long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway, according to a report from the Associated Press.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate slid back to 6.60% from 6.73% last week. The average rate a year ago was 4.16%.
The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.
