Average US long-term mortgage rate slips to 6.23%, its third weekly drop

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The average long-term U.S. mortgage rate dropped for the third week in a row, easing borrowing costs for prospective homebuyers as the spring homebuying season rolls on. The benchmark 30-year fixed rate mortgage rate fell to 6.23% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.81%. The average rate is now at its lowest level since March 19, when it was 6.22%. Meanwhile, borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refi