Average long-term US mortgage rate declines to levels last seen in early February

Home loan borrowing costs fell for the second week in a row, pulling the average long-term U.S. mortgage rate to its lowest level since early February — good news for prospective home shoppers as the spring homebuying season gets underway. The average rate on a 30-year mortgage dropped to 6.74% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.60%. The recent pullback in rates follows a string of rate increases. Still, the average rate on a 30-year mortgage remains well above where it was just two years ago at 4.16%.