Average long-term US mortgage rate eases to 7.32% in first pullback since late August

US mortgage rates eased for the first time since late August, with the average 30-year fixed rate falling to 7.32% from 7.40% last week, according to Freddie Mac.

The decline offers some relief to homebuyers, but borrowing costs remain elevated. Higher rates have continued to weigh on US home sales and demand.

The pullback marks a modest shift after a period of steady increases in home financing costs.