Average 30-year mortgage rate dips as spring season opens

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that has been mostly cold since the Federal Reserve began raising interest rates more than a year ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.28% from 6.32% the previous week. The average long-term mortgage rate hit 7.08% in the fall — a two-decade high. The recent decline in mortgage rates is good news for prospective homebuyers, many of whom were pushed to the sidelines as interest rates rose.