Average long-term US mortgage rate falls again, easing to lowest level since early April

Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. The rate fell to 6.87% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.67%. This is the third straight weekly decline in the rate, which has mostly hovered around an average of 7% since April. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options. The elevated rates contributed to a lackluster spring homebuying season.