Average long-term US mortgage rate edges lower for the first time in five weeks

The average long-term U.S. mortgage rate edged lower for the first time in five weeks, a welcome shift for home shoppers this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%. Mortgage rates ticked higher for most of February as stronger-than-expected reports on inflation and the economy fueled speculation among bond investors that the Federal Reserve would have to hold off on cutting interest rates longer than expected. The average rate on a 30-year home loan is still down from the 23-year high of 7.79% it reached in late October.