Average long-term US mortgage rate falls to 6.67%, third straight drop since climbing to 2023 high

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell for the third time in as many weeks, a welcome boost for homebuyers facing a housing market that’s been held back this year by a tight inventory of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.67% from 6.69% last week. A year ago, the rate averaged 5.81%. The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, also fell this week, slipping to 6.03% from 6.10% last week. A year ago, it averaged 4.92%, Freddie Mac said.