Average long-term mortgage rate falls a fourth straight week

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate declined for the fourth week in a row, a sign of relative stability that could potentially open the door for some prospective homebuyers to get back in the market. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.09% from 6.13% last week. That’s the lowest level since September. The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 11 straight months to the lowest level in more than a decade.