Average long-term mortgage rate at lowest level in six weeks

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate inched down this week to its lowest level in six weeks, just as the spring buying season gets underway. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell for the third straight week, to 6.32% from 6.42% last week. The average rate a year ago was 4.67%. The recent decline in mortgage rates is good news for prospective homebuyers, as many have been pushed to the sidelines during the past year, partly the result of the Federal Reserve ratcheting up its main borrowing rate nine straight times.