Long-term US mortgage rates edge down this week to 5.1%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — The average long-term U.S. mortgage rate edged down for the first time in two months following a swift rise to its highest level in more than a decade.   After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from 5.11% last week, mortgage buyer Freddie Mac reported Thursday. Last week’s average rate was the highest since April of 2010. Federal Reserve officials have signaled that they will take an aggressive approach to fighting high inflation, saying that half-point interest rate hikes “could be appropriate” multiple times this year.