The average US 30-year mortgage rate falls to 7.11% this week, its fourth straight decline

The average long-term U.S. mortgage rate fell for the fourth straight week, offering more relief for prospective home shoppers at a time when many have put off buying a home due to elevated home loan borrowing costs and prices.The average 30-year fixed-rate mortgage in the U.S. declined to 7.11% from 7.18% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.24%.The latest pullback brings the average rate to its lowest level since Sept. 24, when it was at 7.03%.Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.45% from 6.57% last week. A year ago, it was at 5.49%.Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.Until the past fe