Mortgage rates continue decline

The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago.

Mortgage buyer Freddie Mac reported that the average on the benchmark 30-year rate fell to 6.49% from 6.58% last week. A year ago the average rate was 3.11%. The rate for a 15-year mortgage, popular with those refinancing their homes, edged down to 5.76% from 5.90% last week. It was 2.39% one year ago.

Mortgage rates are still more than double what they were in January. The Federal Reserve has been hiking its short-term lending rate since March in a bid to crush the highest inflation in decades.