Average US long-term mortgage rate eases to 6.37% after rising five weeks in a row

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The average long-term U.S. mortgage rate eased this week, a modest relief for prospective homebuyers who have been facing higher borrowing costs as mortgage rates climbed to the highest level in nearly seven months. The benchmark 30-year fixed rate mortgage rate dropped to 6.37% from 6.46% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.62%. This week’s decline in rates follows five straight increases. When mortgage rates rise, they can add hundreds of doll