Long-term U.S. mortgage rates edge lower

WASHINGTON (AP) — Long-term U.S. mortgage rates edged slightly lower this week, taking a pause after five straight weeks of increases.

Costs for would-be homebuyers have been climbing, and the key 30-year rate has been running at its highest levels in more than seven years. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked down to 4.71 percent this week from 4.72 percent last week. The average benchmark rate has risen from 3.85 percent a year ago. The average rate on 15-year, fixed-rate loans slipped to 4.15 percent this week from 4.16 percent last week.

The Federal Reserve signaled its confidence in the economy last week by raising a key interest rate for a third time this year, forecasting another rate hike before year’s end.