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

The average U.S. 30-year fixed-rate mortgage dropped for a third straight week, easing borrowing pressure on prospective homebuyers. Freddie Mac said Thursday the rate fell to 7.18% from 7.24% last week. A year ago, it was 6.22%. The decline also showed up in 15-year fixed-rate loans, commonly used for refinancing: the average rate slipped to 6.57% from 6.60%. A year earlier it stood at 5.50%. Mortgage rates move with inflation expectations, Federal Reserve policy, and bond-market sentiment, often tracking the 10-year Treasury yield.