Average long-term US mortgage rates dip to 6.66% this week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates ticked down modestly this week after six straight weeks of gains pushed rates to heights not seen in more than a decade, before a crash in the housing market triggered the Great Recession in 2008. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate dipped to 6.66% from 6.70% last week. One year ago, the rate was 2.99%. Mortgage rates have more than doubled this year, pushing many prospective homebuyers out of the market. The Fed’s aggressive rate increases, intended to stem inflation, have slowed a once red-hot housing market.