The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb — modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market.The average rate on the benchmark 30-year home loan fell to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.

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