Average long-term US mortgage rate falls slightly, easing borrowing costs for home shoppers

The average long-term U.S. mortgage rate fell slightly this week, welcome news for home shoppers facing rising prices and a stubbornly low inventory of properties on the market this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.79% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%. After climbing to a 23-year high of 7.79% in October, the average rate has remained below 7% since early December. It got up as high as 6.94% just a month ago, after stronger-than-expected reports on inflation and the economy clouded the outlook for when the Federal Reserve may begin lowering its short-term interest rate.