WASHINGTON – The average long-term U.S. mortgage rate declined for the sixth straight week, giving potential homebuyers a tiny amount of relief after rates topped out over 7% last month.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.27% this week from 6.31% last week. A year ago the average rate was 3.05%.
The average long-term rate reached 7.08% in late October and again in early November as the Federal Reserve has continued to crank up its key lending rate this year in an effort to cool the economy and tame inflation.
Mortgage rates are still more than double what they were a year ago, mirroring a sharp rise in the yield on the 10-year Treasury note. The yield is mostly influenced by global demand for U.S. Treasurys and investor expectations for future inflation, which heighten the prospect of rising interest rates overall.
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