Average long-term US mortgage rates dip third week in a row

By MATT OTT
AP Business Writer

WASHINGTON (AP) — The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.49% from 6.58% last week. A year ago the average rate was 3.11%. Mortgage rates are still more than double what they were in early January, which combined with still-climbing home prices, have created a significant affordability hurdle for many would-be homebuyers. Sales of existing homes have fallen for nine straight months.