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

The average long-term US mortgage rate fell for the third straight week, offering some relief to prospective home buyers facing higher home prices. The average 30-year fixed-rate mortgage in the US declined to 7.18 per cent from 7.24 per cent last week, mortgage buyer Freddie Mac said on Thursday. One year ago, the average rate was 6.22 per cent.