US average long-term mortgage rates fall; 30-year at 2.98%

WASHINGTON (AP) — Average long-term mortgage rates in the U.S. fell this week, as the key 30-year rate again retreated below 3%. Mortgage buyer Freddie Mac reports that the average rate on the benchmark home loan declined to 2.98% from 3.09% last week. The rate for a 15-year loan fell to 2.27% from 2.35%. Rates remain historically low, though limited inventory and rising prices are leaving many potential homebuyers on the sidelines. Amid concerns over inflation, the government reported that prices for U.S. consumers jumped 6.2% in October compared with a year earlier _ leaving families facing the highest inflation rate since 1990.