Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. The rate fell to 7.09% from 7.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.35%. The modest pullback followed a five-week string of increases that pushed the average rate to its highest level since November 30. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much homebuyers can afford.