Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline

AP Business Writer

The average rate on a 30-year mortgage in the U.S. has eased for the third week in a row. That’s a welcome trend for prospective homebuyers during what’s typically a less competitive time of the year for the housing market. Mortgage buyer Freddie Mac said Thursday that the rate dropped to 6.6% from 6.69% last week. A year ago, the rate averaged 6.95%. Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans.