Average long-term U.S. mortgage rates ease to 5.7%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased back this week after shooting up nearly three-quarters of a point in recent weeks. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.70% this week from 5.81% last week. One year ago, the average 30-year rate was 2.98%. Higher borrowing rates have pumped the brakes on the housing market, forcing potential homebuyers to the sidelines. Mortgage applications have declined 20% from last year and refinancings are down 80%, according to the Mortgage Bankers Association. Those figures aren’t likely to improve with more Fed rate increases a near certainty.