The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb —- modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan fell to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in rock-bottom rates in recent years from selling.