Average long-term US mortgage rate falls to 6.78% this week to lowest level in four weeks

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate slipped this week to the lowest level in four weeks, a boost for house hunters facing a market held back by persistently high prices and a near-historic low number of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.78% from 6.96% last week. A year ago, the rate averaged 5.54%. The latest move in rates brings the average slightly below the highest level since it surged 7.08% in early November. High rates can add hundreds of dollars a month in costs for borrowers.