The average US 30-year mortgage rate falls to 7.18% this week, its third straight decline

The average long-term mortgage rates in the U.S. decreased for the third consecutive week, offering some respite. The average 30-year fixed-rate mortgage declined to 7.18% from 7.24%, according to Freddie Mac. Additionally, the 15-year fixed-rate mortgages saw a drop to 6.57%, slightly down from last week. These lower rates help to alleviate the financial burden on prospective homebuyers facing increased costs.