Average long-term US mortgage rates inch down this week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — The average long-term U.S. mortgage rate declined for the fifth straight week, even as the Federal Reserve just raised its key borrowing rate for the seventh time this year and signaled there were more to come in 2023. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.31% from 6.33% last week. The Federal Reserve raised its rate again Wednesday by 0.50 percentage points in a bid to bring down the highest inflation in decades. Higher interest rates have stalled the housing market, with sales of previously occupied U.S. homes declining for nine straight months.