Average long-term mortgage rate at lowest level in 4 months

By MATT OTT
AP Business Writer

The average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. A year ago the average rate was 3.55%. The average long-term rate reached a two-decade high of 7.08% in the fall as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and tame inflation.