Average US long-term mortgage rate ticks down to 6.18% this week

WASHINGTON (AP) — The average rate on a 30-year U.S. mortgage ticked down modestly this week, remaining in the same narrow range of the past two months.

The average long-term mortgage rate fell to 6.18% from 6.21% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.85%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week. The rate averaged 5.50%, up from 5.47% last week. A year ago it averaged 6%, Freddie Mac said.