Average long-term mortgage rates dip for 9th straight week, sliding to lowest level since May

The average long-term U.S. mortgage rate retreated for the ninth straight week to its lowest level since May. The average rate on a 30-year mortgage dipped to 6.61% from 6.67% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. Mortgage rates have been easing since late October, when the average rate on a 30-year home loan reached 7.79%, the highest level since late 2000. The sharp runup in mortgage rates that began early last year has pushed up borrowing costs on home loans, discouraging both buyers and sellers from jumping into the market.