Average Long-Term U.S. Mortgage Rate Slips To 6.58%

LOS ANGELES (AP) – The average long-term U.S. mortgage rate edged lower for the second time in as many weeks, though it remains more than double what it was a year ago — a significant hurdle for many would-be homebuyers.

Mortgage buyer Freddie Mac reported Wednesday that the average on the benchmark 30-year rate fell to 6.58% from 6.61% last week.

A year ago the average rate was 3.1%.

The rate for a 15-year mortgage, popular with those refinancing their homes, fell to 5.90% from 5.98% last week.

Late last month, the average long-term U.S. mortgage rate breached 7% for the first time since 2002.

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