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

WASHINGTON (AP) — The average long-term U.S. mortgage rate fell for the third straight week, offering some relief to prospective homebuyers facing higher home prices.The average 30-year fixed-rate mortgage in the U.S. declined to 7.18% from 7.24% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.22%.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 6.57% from 6.60% last week. A year ago, it was at 5.50%.Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans.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 few weeks, mortgage rates had been on the ri