Average long-term US mortgage rates retreat this week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased again this week as the Federal Reserve remains likely to raise its benchmark borrowing rate in its ongoing battle to bring down inflation. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.30% from 5.70% last week. One year ago the average 30-year rate was 2.90%. The Federal Reserve raised its benchmark rate last month by three-quarters of a point, the biggest single hike since 1994. In notes from its meeting released Wednesday, Fed policymakers signaled that much higher interest rates could be needed to reign in four-decade high inflation.