Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell this week to its lowest level since May, welcome news for prospective homebuyers facing rising home prices and intense competition for relatively few properties on the market. The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.15%. The decline, which follows two weeks of increases, brings the average rate down to the lowest level it’s been in since late May, when it was 6.57%. Still, the average rate remains sharply higher than just two years ago, when it was 3.56%.