THE AVERAGE LONG-TERM US MORTGAGE RATE FELL TO 7.18% THIS WEEK, EASING FROM MORE THAN 20-YEAR HIGH

The average long-term U.S. mortgage rate slipped after climbing for five consecutive weeks to a more than 20-year high, a modest relief for would-be home-buyers challenged by rising home prices and a thin inventory of homes on the market.

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Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 7.18% from 7.23% last week. A year ago, the rate averaged 5.66%.

The average rate is now the lowest it’s been in two weeks, but remains above 7%. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. They also discourage homeowners who locked in low rates two years ago from selling.

The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, was 6.55%, unchanged from last week. A year ago, it averaged 4.98%, Freddie Mac said.