Average long-term US mortgage rate falls a 6th straight week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — The average long-term U.S. mortgage rate declined for the sixth straight week, giving potential homebuyers a tiny amount of relief after rates topped out over 7% last month. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.27% this week from 6.31% last week. A year ago the average rate was 3.05%. The average long-term rate reached 7.08% in late October and again in early November as the Federal Reserve has continued to crank up its key lending rate this year in an effort to cool the economy and tame inflation.