Average US rate on a 30-year mortgage edges higher, ending a seven-week slide

The average rate on a 30-year mortgage in the U.S. edged higher this week, ending a seven-week slide that helped ease borrowing costs for home shoppers just in time for the spring homebuying season. The average rate rose to 6.65% from 6.63% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.74%. After climbing to just above 7% in mid-January, the average rate has been declining, echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. However, the pullback in rates hasn’t improved the affordability equation for many would-be homebuyers, keeping the housing market in a sales slump.