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The average long-term US mortgage rate falls to 7.29% in fourth-straight weekly drop

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Published 11:17 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell for the fourth time in as many weeks, more positive news for prospective homebuyers who have been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale. The latest decline brought the average rate on a 30-year mortgage down to 7.29% from 7.44% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.58%. Rates have been declining in recent weeks along with the 10-year Treasury yield, which lenders use as a guide to pricing loans, amid hopes that inflation has cooled enough to pave the way for the Federal Reserve to cut rates.

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