Average Long-Term US Mortgage Rate Falls To 6.35%, Lowest Level In 5 weeks

LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell this week to its lowest level in five weeks, welcome news for house hunters looking for an edge as they navigate a housing market constrained by a near-historic low number of homes for sale.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.35% from 6.39% last week.

The average rate a year ago was 5.30%.

High rates can add hundreds of dollars a month in costs.

Elevated mortgage rates and a stubbornly low inventory of homes on the market have weighed on U.S. home sales this spring homebuying season.